Unemployment remains near record lows despite a looming recession while the Chancellor prepares measures to boost the economy in the Budget
The Secretary of State has been in talks with ministerial colleagues and officials for several months around proposals for how to encourage more people into work.
One policy being considered is a push to persuade older workers not to retire – in an attempt to counter rising economic. Under the plans, pension providers could have a statutory duty to contact those nearing retirement age to encourage them to consider a career change or more flexible working pattern rather than leaving employment altogether.
Another key factor driving economic inactivity is soaring numbers of people out of work due to long-term sickness. There is ongoing work between the Department for Work and Pensions and Department for Health and Social Care to consider howFormer Bank of England economist Sir Charlie Bean said tackling the “bottleneck” in the workforce was crucial in any economic plan as a shortage of staff would push up wages and therefore inflation.
“A lot of firms are saying they can’t get the labour they need and it is those sorts of circumstances when firms are going to be paying over the odds to keep their workers,” he told. “So this fall in labour force participation is an issue and it is right that the Government clearly is thinking about this.”
He said, in the upcoming Budget, it would be “reasonable” for the Government to consider what supply side reforms could be implemented to alleviate these pressures – even if they do cost money.
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