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Business case for a New Deal for workers: what is good for workers is good for the economy

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  • Onaran, Özlem
  • Guschanski, Alexander
  • Rabensteiner, Thomas

Abstract

If the collective bargaining coverage in the UK increases from where it is in 2023 (30%) by 8%-points to 38% (where it was in 1996 when comparable data started), by fully implementing a New Deal for Workers, private investment as a ratio to GDP would increase by 0.3%-points. To put it differently, increasing collective bargaining coverage by 1%-point means 285 thousand more workers will benefit from the outcome of the collective bargaining agreement between the trade union and the employer. This will lead to a £9.2bn increase in the UK GDP (in 2023 prices). Increasing collective bargaining coverage by 1 million workers (3.5%-point increase) will lead to a £32bn increase in the UK GDP (in 2023 prices).

Suggested Citation

  • Onaran, Özlem & Guschanski, Alexander & Rabensteiner, Thomas, 2024. "Business case for a New Deal for workers: what is good for workers is good for the economy," Greenwich Papers in Political Economy 47309, University of Greenwich, Greenwich Political Economy Research Centre.
    • Handle: RePEc:gpe:wpaper:47309
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    File URL: https://gala.gre.ac.uk/id/eprint/47309/3/47309_ONARAN_Business_case_for_a_New_Deal_for_workers_What_is_good_for_workers_is_good_for_the_economy.pdf
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