Investing in human capital is a crucial aspect of building an economy that is both more productive and fairer, and any growth strategy must incorporate an agenda for increasing human capital and workforce skills within that. So how should we approach the task of developing a skills strategy that complements a broader economic strategy? In this report, we address this issue by focussing on a set of sectors - Financial and business services, The creative and cultural sectors and Life sciences industries - and technologies - clean technologies and artificial intelligence - that are of strategic importance for the UK.
The strategic sectors are good places to work for everyone. It is striking - and very welcome - that wages are higher, and wage-experience trajectories steeper, for workers at every level of educational qualification in these strategic sectors than in the rest of the economy.
Rui Costa, Sandra McNally, Louise Murphy, Christopher A. Pissarides, Bertha Rohenkohl, Anna Valero and Guglielmo Ventura
24 October 2023
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This work is published under POID and is part of the CEP's Education and skills programme.