Latest unemployment figures show the need to close the skills gap

Tackling the skills shortage is key to reducing unemployment, according to business leaders in Coventry and Warwickshire.

Latest unemployment figures from the Office for National Statistics (ONS) have revealed that the UK rate of unemployment remained unchanged at 4.2 per cent in the three months to October.

Corin Crane, Chief Executive of the Coventry and Warwickshire Chamber of Commerce, said that while work is being done to help close the skills gap in the West Midlands in the medium to long-term, more needs to be done in the short-term to tackle the issue.

He said: “As we look ahead to the new year, it is clear that more work needs to be done to solve the skills crisis.

“Here in the West Midlands we have been awarded £10 million of Local Skills Improvement Funds (LSIF) by the Department for Education – the highest amount for any area of the UK – to close the skills gaps in a number of key areas.

“While this is extremely welcome and fantastic news for employers across Coventry and Warwickshire, this will only help to address the problem in the medium to long-term.

“In the short-term, there continues to be a skills crisis which needs to be addressed to support business growth and reduce unemployment figures.”

Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said: “Labour market data continues to send mixed messages, as vacancies trend downward, but unemployment and employment remain largely static and pay growth outstrips inflation.

“But while we may have fewer vacancies, we still have a major shortage of skills across our economy. This is holding back productivity and growth. So now is the time to redouble efforts to prepare, upskill and reskill the workforce for the changes and opportunities ahead of us.

“These remain challenging times for firms and the BCC’s most recent forecast predicts the economy will grow by just 0.6 per cent in 2024 and business investment will contract by 0.8 per cent. Government must do all it can to help businesses invest more in apprenticeships, technical education and upskilling people in work.

“Every day, employers are struggling to fill jobs, so it’s essential that everyone who wants to work is given the opportunities and training they need to do so, urgently.

“The Autumn Statement included some welcome steps, but with the immigration system now looking out of reach for most businesses, the Government must encourage investment in skills training and set out a stable, long-term strategy to support this.”

The government must do more to boost a “fragile” economy and quell fears the UK could head into a recession at the end of the year, business leaders in Coventry and Warwickshire have said.

The Office for National Statistics (ONS) data has revealed that gross domestic product (GDP) rose by 0.3 per cent in November after declining by the same percentage points in October –outgrowing expectations.

But it has declined by 0.2% over the past three months and the ONS said it has shown ‘little growth’ over the past year, leading economists to fear the country could be at risk of recession by the end of the year.

Corin Crane, the Chief Executive of Coventry and Warwickshire Chamber of Commerce, said: “With inflation slowly declining and GDP showing flickers of recovery, we understand the Government’s cautious approach to economic policy.

“But with slow GDP growth causing concern for the country, now is the time for them to seize the moment and tell us their plans to boost business and a stuttering economy.

“High interest rates and a lack of skilled workers are two of the most common issues that businesses both locally and across the UK are needing to tackle before businesses can have confidence in being able to grow in the long-term.

“As the build-up to the election gathers pace, it is vitally important that politicians from all sides put business at the centre of their plans, as they are the heartbeat of the economy and have a vital role to play in making the UK an attractive destination to invest in from overseas, too.”

National Express Coventry extends £2 single fare cap until the end of 2024

Bus users in Coventry will be able to continue to enjoy discounted single bus fares after National Express Coventry confirmed its continued participation in the Government’s £2 single fare cap scheme until the end of 2024.

The Government initiative, which first launched in January 2023 as part of the Government’s Help for Households scheme, has been warmly received by customers across Coventry and the wider West Midlands with 12.5 million National Express bus passenger journeys made using the single fare offer since the beginning of the year.

Anybody making three or more journeys a day continue to benefit from great value day tickets at £4.50, providing unlimited travel on all buses within the nBus zone and on all National Express buses.

National Express Coventry passengers using contactless can Tap and Cap and will find their fare cap is automatically applied so they never pay more than they should - as long as they tap on with the same card or device.

Alex Jensen, CEO for National Express UK, Ireland and Germany, said: “Bus is by far the most popular form of public transport here in Coventry and the wider West Midlands, so we are pleased to be working with Transport for West Midlands and the Department for Transport to extend the £2 single ticket until the end of 2024.

“More people using buses is good for the economy, good for the environment and good for wider society. Bus travel is simple, cheap and easy and there’s never been a better time to get onboard.”

Andy Street, the Mayor of the West Midlands, said: “Buses are the backbone of public transport in the West Midlands, connecting communities and accounting for tens of thousands of journeys every single day.

“That’s why it’s so important we keep fares low and affordable, which is exactly what today’s confirmation by National Express Coventry does. We already have some of the lowest and simplest bus fares in the UK, and now this £2 cap allows us to go even further.

“Ultimately, we want more people to use our buses to help cut congestion and carbon emissions. That’s why we have provided £40 million to keep bus services going during this challenging time, are building miles of dedicated bus lanes to make services more reliable and attractive, and are investing in measures such as the try-before-you-buy incentive scheme.”

The £2 adult fare cap will continue to be available to all customers purchasing single tickets via the National Express Bus mTicket app or on-board using cash or contactless between now and the end of 2024.

For more information, visit www.nxbus.co.uk/coventry