Banking on the skills

As the recession trundles on, Sylvia Perrins, chief executive of the National Skills Academy for Financial Services, emphasises the importance of skills and education in getting the nation back on its feet. Skills and education have long been recognised as the essential ingredient in a strong economy. Indeed back in December 2006, the Government issued the report Leitch Review of Skills: Prosperity for all in the global economy - world class skills. This stated that for the UK plc to be able to compete with the best in the world it needed to raise its skill levels across the board. One of the key messages stemming from the report was that for the UK, as a service economy, the investment in the skills of its people is fundamental, as they are our most precious resource. The links between higher skills and greater productivity were well made. When the report was published the UK had a strong economy which was continuing to grow with one of the best employment rates in the world. Although many at this stage took the view that the days of boom and bust were long gone, Leitch warned against complacency and our ability to predict future economic conditions with certainty. Two years later the world has changed. "As confidence in the sector has dwindled to an all time low, we must start to re-address the balance and invest in education and skills"We are facing some of the most difficult economic challenges ever experienced. The financial services sector seen by many to represent the success of UK Plc, with high levels of employment and success has gone into freefall. Despite this and because of this, education and skills matter. Indeed, Leitch pointed out that 70% of the 2020 workforce has already completed their compulsory education. Therefore, we need to continue to raise skill levels by focusing on those who are working and those now looking for work who have been affected by the recent job losses.