Andy Haldane, the Bank of England's chief economist, said that working from home risks stifling creativity and cuts people off from new experiences. Haldane said in a speech that the pandemic had "reshaped our working lives, our economic contributions and our well-being", but it was unclear whether this change was for the better. Home working had probably reduced his capacity for creative thought, he said.
Informal chats at work were often more useful than formal meetings, he added. "If you asked me if I am happier working from home, I genuinely would not know. I do not miss the commute," Haldane said, in a speech he gave online to the Engaging Business Summit.
"But I feel acutely the loss of working relationships and external stimuli - the chance conversations, listening to very different people with very different lived experiences, the exposure to new ideas and experiences. These losses will grow with time. At some point, they will offset the benefits of avoiding South West Trains."
Haldane said lack of face-to-face contact with colleagues and others meant "social capital" was being lost or depleted, while "creative sparks" were being "dampened". "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," he said.
