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In real terms (e.g. after accounting for monetary inflation) this seems like a logical consequence of the coronavirus lockdowns. We're a service economy. Tons
by throwaway22032 4y ago
In real terms (e.g. after accounting for monetary inflation) this seems like a logical consequence of the coronavirus lockdowns.
We're a service economy. Tons of people work to support that, e.g. office cleaners, city centre pubs, transport workers, restaurants, entertainment, karaoke bars etc etc.
London is still basically a ghost town in comparison to what it was prior to 2020 and the growth in the regions isn't anywhere close to making up for it.
We're just literally doing less stuff. Less labour intensive stuff anyway.
- hotpotamus 4y agoAren't those the logical consequence of widespread work from home? If you believe that WFH is the logical progression of work, then coronavirus was just a catalyst.
- Nextgrid 4y agoYou can very well have a system stuck in a local maximum. Even if we assume that WFH is the most optimal state for the system, it may remain stuck in the less optimal state until it gets a "kick in the butt" that pushes it out. When it comes to WFH, that kick was the pandemic.
- pjc50 4y agoThere was substantial subsidy during the lockdowns. This is the semi-voluntary withdrawal phase; people who are reluctant to risk covid are still reluctant to go out because covid is still quite prevalent (apparently 5% of Scotland has covid at the moment!) and an unclear number of people are suffering from long covid.