UK economy ‘needs more graduates to grow’

THE UNITED Kingdom’s economy could benefit from more people of all ages attending university to help counter a critical lack of skills, researchers have claimed.

They also suggest the onset of the Fourth Industrial Revolution – automation, robotics, artificial intelligence and digital technology – and the challenges of Brexit and an ageing population are creating rising demand.

The Universities UK report highlights the need for continual skill upgrading, lifelong learning and study of higher education qualifications at all levels.

The percentage of young people from England entering higher education has reached 49 per cent, but there has been a steady decline in part-time and mature study numbers, Universities UK said. The researchers have called on policy makers to reverse this drop and incentivise closer links between universities and employers.

Alistair Jarvis, the chief executive of Universities UK, said there is significant evidence of the need to increase student numbers, and added: “The UK economy and society needs more graduates. Educating more people of all ages at university would grow our economy faster, by increasing productivity, competitiveness and innovation.”

The report found that in 2016, 440,000 new professional jobs were created, but there were only 316,690 first-degree UK-based graduates, leaving a recruitment gap of 123,310, more than double the gap in 2015. By 2030, it is estimated there will be a UK talent deficit of between 600,000 and 1.2 million workers for both the financial and business sector, and technology, media and telecommunications sector.