Members of the UK200Group of independent chartered accountancy and lawyer firms have responded 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?”

Duncan Montgomery, tax partner at UK200Group member firm Whittingham Riddell LLP

“Unlocking the potential of older workers is a boon to many businesses, but small and medium-sized businesses struggle to get employees to move into roles that reflect a different style or pace of work without triggering or fearing claims for unfair dismissal.

“Easing the route to role and pay changes for those over retirement age would be a huge help in ensuring that both parties are satisfied, with happy, productive people, fairly rewarded.”

Jonathan Russell, partner, UK200Group member ReesRussell

“It is no surprise to anyone that people working for longer will increase UK’s productivity.

“Many smaller employers value their older workers and have no desire to see them retire as that brings the costs and uncertainties of recruitment and training. The biggest problem with people working to older ages is that it may block opportunities for younger workers.”

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Established in 1986, UK200Group is the leading mutual professional association in the UK with some 150 offices of quality-assured member accountancy and lawyer firms throughout the UK totalling over 550 partners, 150,000 business clients and global links in over 50 countries. UK200Group provide services and products that are designed to enhance the business performance of its members.  Telephone 01252 401050, email admin@uk200group.co.uk or visit www.uk200group.co.uk 

Disclaimer:

UK200Group is an association of separate and independently owned and managed accountancy firms and lawyer firms. UK200Group does not provide client services and it does not accept responsibility or liability for the acts or omissions of its members.  Likewise, the members of UK200Group are separate and independent legal entities, and as such each has no responsibility or liability for the acts or omissions of other members.

 

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