Several shockwaves have been sent through the UK Labour Market over recent years. Covid-19 saw all non-essential economic activity grind to a halt, leaving millions of workers furloughed and a smaller (though not insignificant) number fall out of the labour market due to long-term sickness or caring responsibilities, many of whom are yet to return. More recently the cost-of-living-crisis has also left its mark, the clearest manifestation being the real-term pay cut most UK workers are currently facing, despite nominal wage growth being at historically high levels – hitting 7.2 per cent in April 2023.
