While it was a good idea a few years ago, in recent times its relevance for most workers is limited as trade union membership declines. In fact it really is just a deal between the government and the civil service. Interestingly I heard it's called "Towards 2016" but all the highlights mentioned in the media seem to be things that happen in the next 6 to 27 months. Perhaps the "10 years" is just spin to make it seem a better deal for employer's than it is?
The next 24 hours will bring more coverage and information, but I think it will mean little for me as a private sector worker, except maybe to add a little fuel to inflation and house prices.
Update: the government has committed to solving the social housing situation by 2013. Hmm, by then the only people able to afford houses will be higher level civil servants and the rest of the country will be on social housing. But lets bear in mind the current regulations regarding social and affordable housing
While up to 20% of any new housing development can be set aside for social/affordable housing, the local authority will determine the exact percentage, given the level of social need in the area. It may decide for example, that zero percent of the overall development is appropriate. However, overall, the amount of social housing in any new developments cannot exceed 20% of the total housing development.
If they enforced the 20% rule instead of letting the local council set the percentage , and we all know how friendly local councillors and property developers can get, they could solve it by 2008.