24 Jun 2015

Potential value of older workers to UK economy

BKL in the press, Insights, Publications

Commenting for the UK200Group, BKL tax partner David Whiscombe responds to new research suggesting that the UK economy could receive a £100 billion boost by more people working longer.

 

The report from PwC said that if the employment rate of 55 to 69-year-old workers in the UK reached that of Sweden, which has the highest in the EU, GDP would rise by 5.4 per cent.

David Whiscombe, director of tax at UK200Group member firm BKL:

“Given the definition of GDP, it’s hardly a revelation to learn that if people remain in employment later in life, GDP goes up. The other side to the coin is that time spent in paid employment is time that can’t be spent on other things.

Over recent years the corralling of mothers back to the workplace has seen the burden of voluntary work (including childcare) increasingly pass to the active retired. So who will do the really important stuff when we are all working in call centres and serving in B&Q until we’re 80?”

 

The article is available on the UK200Group website.