Value of Britain's skills is declining


Click to follow
The Independent Online

The economic value of the knowledge and skills of the UK workforce has fallen for the first time in nine years, a Government-appointed study revealed today, after earnings growth slowed and unemployment increased.

The UK's human capital - measured by assessing educational achievement, income growth and investment in education and training - dropped by £130 billion to £17.12 trillion in 2010, after steadily growing since 2001, the Office for National Statistics (ONS) said.

Elsewhere, the ONS study revealed women's human capital at £6.64 trillion was around 63% of men at £10.48 trillion, as women spent less time in paid work and on average earned less.

The ONS published the estimates as part of a programme to measure national well-being, which was set up by David Cameron after he decided the Government needed to separate indicators of economic progress from those assessing the public's quality of life.