May 29, 2024

MIT professor pours cold water on the prevailing hype about AI and the economy

A study by MIT economist Daron Acemoglu appears to challenge the prevailing optimism surrounding artificial intelligence (AI) and its economic impact. While many experts predict a future fuelled by AI-driven productivity booms and reduced inequality, Acemoglu’s research paints a more cautious picture. His findings suggest that AI’s impact on productivity and inequality may be far less dramatic than anticipated, and could even exacerbate the gap between the rich and the poor. More →

May 17, 2024

UK economy could get a £550 billion boost from AI by 2035, Microsoft claims

by Marvin Gort • AI, News, Technology

A new report commissioned by Microsoft suggests that the UK economy could see a significant boost of £550 billion by 2035 if the country embraces artificial intelligence (AI) and cloud technology. The report, titled Unlocking the UK’s AI Potential, claims to highlight several ways the technology can benefit the UK economy. These include increased productivity, improved public services, and the creation of new jobs. More →

March 15, 2024

Productivity boost from volunteering ‘adds £4.6 billion to UK economy each year’

by Jayne Smith • Business, News

Volunteering is delivering productivity gains worth billions to the UK economy each year, a new study claims. The report by Pro Bono Economics (PBE), commissioned by national volunteering charity Royal Voluntary Service, estimates productivity gains worth at least £4.6 billion each year, or £4,551 per volunteer, arising from volunteering by those in professional and managerial occupations. The PBE report, titled?A pro bono bonus: The impact of volunteering on wages and productivity, stresses that these productivity gains would likely be even higher if the voluntary efforts of those in other job roles, as well as the benefits of volunteering to unemployed people, were taken into account. More →

November 9, 2023

Squirrel! Distraction costing the UK economy nearly £20 billion a year

by Jayne Smith • Business, News

Scrolling on social media, checking messages, daydreaming and other forms of distraction are costing the UK economy £19.9 billion each year, new research from The QEII Centre claims. The report The Distracted Economy: We are losing focus – how to hold attention and keep delegates engaged during business meetings and events was commissioned by the London conference and events venue. It suggests that 83 percent of people admit to being distracted during in-person meetings while the number rises to 85 percent during online meetings. More →

July 20, 2023

Help over-50s and other groups into self-employment to boost economy, say MPs

by Jayne Smith • News, Workplace

The UK Government’s Work and Pensions Committee has called for more employment support to address economic inactivity. The support for helping people into work should be widened to those not on benefits, with a new scheme developed to encourage people to set up their own businesses and move into self-employment. The Committee has also called for more focus to be given to measures to help young people, the over 50s and people with disabilities and long-term health conditions find and stay in work. More →

June 1, 2023

The circular economy is a great opportunity, but it doesn’t add up yet

by Joanna Knight • Comment, Environment, JK, Workplace design

The circular economy, carbon measurement, product material content, rental, ‘take back’, reuse and recycling – all actions for a more environmentally responsible workplace sector. But what are the priorities? Manufacturers and suppliers are arguably challenged by lack of clarity, requirements for significant investment, combined with cost pressures in a heavily subscribed market. More →

April 19, 2023

We shouldn’t be deterred by the wonky start to the circular economy

by Becky Gordon • Comment, Environment, Workplace design

We’re all familiar with the circular economy in some shape or form. We know the principles of recycling materials back into the original product to create a perfectly circular model of sustainability. But in practice, as architects and designers are finding, the development of the circular economy not quite so simple. Circular design is possible now, but we have to start with circles that are slightly wonkier than we might like. More →

March 29, 2023

Work-related stress costing UK economy £28bn a year

by Neil Franklin • News, Wellbeing

New data and economic modelling from AXA UK and Centre for Business and Economic Research (Cebr) claims that people are struggling with burnout and work-related stress, with an estimated £28bn lost last year due to poor mental health at work. The majority of this cost is due to loss of working days because of stress, burnout and general poor mental health, with businesses losing 23.3m working days as a result of these issues. More →

November 24, 2022

EU approves major funding increase for new circular economy and clean energy projects

by Jayne Smith • Environment, News

The European Commission has approved more than €380 million of funding for 168 new projects across Europe as part of its LIFE Programme for the environment and climate action. As part of the European Green Deal, it believes that the projects funded can help the EU become climate-neutral by 2050 and reach climate, energy and environmental goals. They aim to support biodiversity, nature restoration and a circular economy while contributing to the clean energy transition across the continent. More →

November 2, 2022

Commercial property sector should embrace circular economy, say BCO

by Neil Franklin • Environment, News, Property

A new report from the British Council for Offices (BCO) is urging the commercial property industry to ‘retain, extend life, reduce impact’ to futureproof offices. The report sets out to provide circular economy guidance to the office sector in relation to new-build, refurbishment and fit out. The Circular Economy in Offices report [BCO members only] claims to set out how offices can be designed and constructed in order to eliminate waste and pollution, circulate products and materials and regenerate nature. More →

October 18, 2022

Digital skills shortage costs the UK economy £12.8 billion

by Jayne Smith • News, Workplace

With more than 5 million Brits unable to carry out simple online tasks like sending emails or using the internet, new research reveals UK workers are missing out on additional earnings of £5.69 billion due to a lack of digital skills according to Virgin Media O2 and economic modelling from Cebr. As the UK faces ongoing economic instability and with an uncertain jobs market, the research claims that a lack of adequate digital skills could exacerbate problems being faced by cash-strapped Brits struggling to make ends meet. More than a third of Brits (34 percent) feel a lack of digital skills training has held back their earning potential already, and almost a third say they need digital skills so they can shop around for deals and save money – amid rising anxiety over the cost of living. More →

June 24, 2022

Physical activity could boost UK economy by up to £17 billion

by Neil Franklin • News, Wellbeing

The fitness and leisure sector holds the key to encouraging physical activity which could save the UK economy up to £17bn a year, according to a new report from ukactive. The report’s authors have called on the Government and its partners to work with the fitness and leisure sector to get the nation’s workforce physically active, as new research from Deloitte shows it could benefit the UK economy by up to £17bn a year. The landmark report was commissioned by IHRSA (International Health, Racquet and Sportsclub Association) on behalf of the Global Health and Fitness Alliance. More →