The UK economy needs more workers. Even though net migration hit a record of 745,000 in 2022 and the number of people in employment has risen close to an all-time high, there are still nearly a million open roles. Economists and policymakers have spent countless hours trying to determine the root cause of this problem, and two main issues have been identified, both of which revolve around economic inactivity. The number of people entering retirement or leaving the workforce owing to long-term health difficulties has increased dramatically. The trend does not appear to be slowing.
The Office for Budget Responsibility’s forecasts show that economic inactivity owing to ill health and old age could weigh heavily on economic growth over the next three decades. That is to say nothing of the impact an ageing and sickly population will have on government finances, with a shrinking number of employees funding an ever-growing number of those
