No return of workers to offices ‘could cost UK economy £480bn’

Posted by Carolina Plugaru on

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(Source: The Guardian)

The UK economy could lose almost half a trillion pounds of output if workers fail to return to their offices, a study estimates.

Douglas McWilliams, a former chief economic adviser to the Confederation of British Industry, has warned the economy will not return to its pre-pandemic size until 2025 if home working continues in its current form, which would add up to at least £480bn in lost activity.

McWilliams said: “‘If we carry on working at home when at least half want to return, we run the risk of turning into a 90% economy with GDP stuck a 10th down off its peak.”

The research, conducted for a client of McWilliams’ consultancy, the Centre for Economics and Business Research (CEBR), comes as one of the UK’s biggest employers plans to permanently close nearly 100 offices.

Read more on The Guardian

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