Brewster's millions
Well-Known Member
- Joined
- 9 Apr 2012
- Messages
- 5,242
It’s a bit of an eye opener isn’t it?Thanks for the link, interesting reading. It looks somehow we have been underestimating the UK population of workers by 484k.
Now maybe it’s me being naive but I honestly thought we would have accurate records of the number of potential working age people in the UK at any moment in time. Or certainly more accurate than within the nearest half million !
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The fact that the revised population data and projections - when applied to the employment/unemployment proportions reported by the Labour Force Survey - essentially suggest an extra 400k workers than previously assumed.
The revision has pretty big implications for the UK’s productivity data and as such the likely structural state of the public finances, which are now seen to be materially worse than previously assumed. That is of course if you place any great weight on the Labour Force Survey data, rather than the more reliable PAYE based employment data.




