Inequality in the job market costs the UK economy £34bn a year, according to new analysis shared by Labor. independent person.
Sir Keir Starmer’s party accused the Conservatives of having “failed miserably” in tackling inequality in the workplace, saying after 14 years of Tory rule Britain was “lower in productivity and lower in equality”. “sexuality is also declining.”
Opposition parties say it will close huge employment gaps where women, disabled people, black, Asian and minority ethnic Britons face costly barriers.
Labour’s shadow equalities minister, Anneliese Dodds, will today say the state of inequality in Britain is a “scandal we cannot afford”.
As the election year heats up, Conservative Prime Minister Jeremy Hunt is said to be considering extending child benefits to more middle-class families in his pre-election budget.
Labor claims the racial employment gap costs the economy around £20bn a year, citing figures from the Office for National Statistics (ONS).
The current employment rate for “all other ethnic groups combined” is 68.4 percent, nine percentage points lower than whites (77.1 percent), according to the statistics.
Closing this gap would mean adding an extra 650,000 jobs to the economy, triggering a significant boost to tax revenues and growth, Labor says.
Labor’s Anneliese Dodds says inequality is an ‘unacceptable scandal’
(PA archive)
Research also shows that supporting the 333,000 women who have left work due to menopause to stay in work could have an economic impact of up to £11 billion.
And reducing the gap in employment of disabled people by just 2 percentage points compared to the OECD average could add an extra £3 billion to the UK economy.
Speaking at the Fabian Society’s conference on Saturday, Ms Dodds will slam the Conservative government’s record of “disastrous failure” on workplace inequality.
She will argue that employment inequality means that women, blacks, Asians, ethnic minorities and people with disabilities are “increasingly employed and increasingly out of the workforce”.
The party chairman pledges that equality will “run through Labour’s plans like words on a stone stick” as he sets out plans to close the employment gap.
The party claims a ban on zero-hours contracts would benefit some black, Asian and minority ethnic workers who have been disproportionately affected. The party also pledged to introduce mandatory racial pay gap reporting for companies with 250 or more employees.
Large employers will be required to develop a Menopause Action Plan setting out how they will support women experiencing menopause in the workplace and provide guidance to smaller employers.
As well as introducing disability pay gap reporting for large employers, Sir Keir’s party is also working on more specialist support for disabled people in job centres.
Treasurer Jeremy Hunt announces plans to extend child benefit
(PA wire)
This follows new reports suggesting Mr Hunt is considering plans to extend the £2,000 a year child benefit to more middle-income families.
According to reports, the Prime Minister is considering whether to raise the threshold for child benefit deductions of £50,000. times. Increasing it to £60,000 would cost around £1bn, while removing the income limit would cost £4bn.
But Mr Hunt is said to be planning to rein in departmental spending to free up taxpayer funds. The daily spending limit, which is currently scheduled to increase by 0.9% in real terms from 2028 to 2029, could be lowered, the government said. daily telegraph.
Rishi Sankh and Mr Hunt are widely expected to announce further tax cuts in their March budget in a bid to boost their party’s dismal poll numbers. Conservative MPs have said they prefer income tax cuts to inheritance tax cuts or moves to cut taxes.