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The UK’s shrinking and ageing population is limiting economic growth, with “outdated and static” working practices, MPs have warned.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‘Outdated and static’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Jones added: “What we have now is outdated and static while working practices move on.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

UK manufacturers say foreign investors are turning away...

January 9, 2023

UK house prices rise at slowest post-summer rate...

October 16, 2023

Cytomos secures £4M to advance new approach to...

August 8, 2023

Scaling Success: Celebrating Achievements at Paul Avins’ Grown...

January 25, 2024

Gold Bullion Partners: The Role of Gold and...

March 4, 2025

UK investors dump bonds at fastest rate since...

May 7, 2025

IG Group becomes first UK-listed firm to offer...

June 2, 2025

Inventory Best Practices for Seasonal Businesses

November 5, 2024

Investors convert ‘totally worthless’ NFTs into tax write-offs

December 29, 2022

UK small businesses face costs 10k higher than...

December 14, 2023

    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

    • WATCH: Trump says he is hopeful Hillary Clinton will be investigated for election fraud

      August 1, 2025
    • Trump moves nuclear submarines weeks after praising sub’s power in Iran strikes

      August 1, 2025
    • Recess on ice as Republicans hunker down for high-stakes nominee blitz

      August 1, 2025
    • Iran says it has ‘plenty of scientists’ left to restart uranium enrichment, despite US, Israeli strikes

      August 1, 2025
    • No, Tariffs Are Not Similar to Consumption Taxes Like a VAT

      August 1, 2025
    • Trump repositions 2 nuclear submarines after ‘highly provocative’ Russian comments

      August 1, 2025

    Categories

    • Business (8,651)
    • Investing (2,168)
    • Politics (16,281)
    • Stocks (3,228)
    • 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