Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Shrinking workforce limiting UK economic growth, MPs warn

by April 21, 2023
April 21, 2023
Shrinking workforce limiting UK economic growth, MPs warn

The UK’s shrinking and ageing population is limiting economic growth, with “outdated and static” working practices, MPs have warned.

An “exodus” of over-50s from the labour market has worsened shortages, a cross-party House of Commons Business, Energy and Industrial Strategy (BEIS) committee report said.

Chairman Darren Jones said: “Our shrinking and ageing UK labour market, and the lack of political leadership on this issue, is holding back economic growth.”

Polling for the report, titled ‘Post-pandemic economic growth’, published today, found many in the workforce who had taken early retirement would return to work in flexible or part-time jobs.

Deltapoll sampled 1,031 45-60 year olds, between 6 and 12 March, and found just over half of early retirees regretted their decision to leave the workforce.

Barriers to workforce

But limited protections over non-full time work acted as a barrier to employment, MPs said.

It comes after Chancellor Jeremy Hunt’s budget focused on tackling barriers to work with a view to supercharging the UK’s economic growth prospects in the medium-term.

Ministers should consider either setting up a new Ministry for Labour; appointing a new cabinet office minister for labour; or convening a cabinet committee to coordinate policy.

Weak workers’ rights enforcement left them vulnerable to “unscrupulous” employers, and MPs urged the government to create a single watchdog to monitor the issue, the report said.

It follows high-profile hearings with British Gas, P&O Ferries and Amazon.

‘Outdated and static’

Evidence to the committee found the UK had less than half the number of labour inspectors to meet global standards, while firms are inspected by National Minimum Wage teams every 500 years.

Jones added: “What we have now is outdated and static while working practices move on.

“Weak or absent enforcement means workers can be exposed to exploitative practices without any consequence, rendering their rights worthless.

“We won’t be able to move the dial on economic growth in our country until we invest in, support and make the most of the potential of every worker across the UK.”

The Department for Business and International Trade (DBIT) has been contacted for comment.

Read more:
Shrinking workforce limiting UK economic growth, MPs warn

0
FacebookTwitterGoogle +Pinterest
previous post
Sky Sports presenter loses IR35 appeal in latest high profile case brought by HMRC
next post
Extinction Rebellion ‘expects up to 50,000 protesters’ on day of London Marathon

You may also like

Getting to Know You: Sam Tofighi, Founder of...

March 2, 2023

Better PR for your business’s growth

October 3, 2023

UK private sector growth barely registers in November’s...

December 9, 2024

Government loan saves 1,800 steel jobs and secures...

June 26, 2023

How to Protect Marketing Spend with Ad Verification

November 26, 2024

Alexander Meskouris Provides Insight Into His Career In...

January 9, 2023

British car manufacturers given three-year reprieve from Brexit...

December 6, 2023

Labour Abandons Pension Lifetime Cap Reinstatement in £800m...

June 10, 2024

OAP job market boom with seven times more...

January 18, 2023

Post Office eyes extra £100m from new bank...

January 3, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Half of Brits would trust AI for legal advice, survey finds – but experts urge caution

      June 9, 2025
    • Business leaders paralysed by risk warn BDO as caution stifles growth

      June 9, 2025
    • Starmer pledges £1bn investment to supercharge UK tech and AI infrastructure

      June 9, 2025
    • 5 terrifying flashpoints that could ignite global war

      June 9, 2025
    • HMRC inheritance tax investigations surge 37% as treasury seeks to plug revenue gap

      June 9, 2025
    • Believ secures £300m to roll out 30,000 public EV charge points across the UK

      June 9, 2025

    Categories

    • Business (8,161)
    • Investing (2,019)
    • Politics (15,572)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved