Can older workers fix the economy? | Sponsored
The Politics Show
The New Statesman
4.2 • 1.5K Ratings
🗓️ 29 November 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Since the start of the pandemic in 2020, nearly a million people aged 50-64 have left the workforce.
Other major economies have seen their employment rates bounce back after the pandemic, and the Financial Times have reported that the UK is the only developed economy
where inactivity kept rising after the initial pandemic shock.
In this episode, sponsored by Phoenix Insights, Becky Slack from the New Statesman Spotlight team is joined by Alison McGovern, shadow minister for employment, Neil Carberry of the Recruitment and Employment Confederation, and Claire Hawkins, director of corporate affairs and investor relations at the Phoenix Group. They discuss why so many older people are leaving the workforce, what government and employers can do to support older workers better, and the economic impact of doing so.
Find out more about Phoenix Insights
https://www.thephoenixgroup.com/phoenix-insights/
Hear more of our Spotlight podcasts on their own feed
https://podfollow.com/spotlight-on-policy-from-the-new-statesman
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Transcript
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| 0:00.0 | The New Statesman |
| 0:02.0 | Statesman. |
| 0:04.0 | Hello. |
| 0:05.0 | Hello, you're |
| 0:08.0 | Hello, you're listening to a special episode of the Newt |
| 0:14.3 | statement podcast from the new statesman spotlight team. |
| 0:17.2 | We cover policy for those who shape it and the businesses it affects. |
| 0:21.5 | I'm Becky Slack. |
| 0:22.8 | In this episode we're discussing a vital issue that's really affecting the UK economy, |
| 0:31.6 | the exodus of older workers from the workforce. |
| 0:34.0 | Since the start of the pandemic in 2020, almost a million people age 50 to 64 have left |
| 0:40.2 | employment. We currently have around half a million fewer people in the workforce |
| 0:44.5 | age 50 plus than we would have had if pre-pandemic trends had continued. Other major economies |
| 0:50.7 | have seen their employment rates bounce back after the pandemic and the |
| 0:54.0 | Financial Times has reported that the UK is the only developed economy where inactivity |
| 0:59.3 | kept rising after the initial pandemic shock. |
| 1:02.4 | The impact of this? Companies are suffering staff shortages, |
| 1:06.0 | and a chronic lack of skills and labour across the workforce are leading to poor efficiency, |
| 1:10.8 | postponed investment and an economy operating below capacity. |
| 1:15.0 | I'm going to explore the reasons behind this sticky post-pandemic phenomenon and what can be done |
| 1:19.8 | about it, with a panel of esteemed expert guests. This episode is |
| 1:33.0 | is sponsored by Phoenix Group, the UK's largest long-term savings in retirement |
... |
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