The Bank of England’s Chief Economist has warned that a mass shift to remote working, risks stifling opportunities for creative expression and innovation, which could ultimately harm personal wellbeing and the economy.

During an online speech to the Engaging Business Summit, Andy Haldane said the pandemic had “reshaped our working lives, our economic contributions and our wellbeing.” However, while acknowledging the benefits of remote working for many employees and their employers, he also said such working arrangements were less constructive for others, and felt it was unclear whether the shift was actually a change for the better.

In particular, Mr Haldane warned that home working risks stifling creativity and effectively cuts people off from new experiences. He argued this was extremely important as creativity fosters innovation, which in turn fuels economic growth.

Looking at the potential long-term consequences of remote working, the Chief Economist added, “These are real costs and costs which would be expected to grow, silently but steadily, over time. They weigh on the other side of the ledger when it comes to assessing the case for home working. They cast doubt on whether it will lead to the promised land of improved productivity and greater happiness.”