‘Britain needs you’: Jeremy Hunt appeals to early retirees to return to work

The Chancellor said in a keynote speech on the UK’s economic future on Friday that the drive will fix the UK’s “productivity puzzle”.

Speaking at Bloomberg’s European headquarters in London, he said the UK must not succumb to “declinism”, insisting the country was “poised to play a leading role in Europe and across the world in the growth sectors which will define this century”.

Following the pandemic, millions of people aged over-50 left the labour market making it harder for businesses to hire, weighing on economic growth.

According to a report by the Lords Economic Affairs Committee, the increase is being driven by long-term sickness, early retirement and the UK’s ageing population.

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Hunt said approximately one fifth of UK adults of working age are economically inactive, describing it as an “enormous and shocking waste of talent and potential”.

"So to those who retired early after the pandemic, or haven’t found the right role after furlough, I say – Britain needs you."

He added: “It is time for a fundamental programme of reforms to support people with long term conditions or mental illness to overcome the barriers and prejudices that prevent them from working.

“We will never harness the full potential of our country unless we unlock it for each and every one of our citizens. Nor will we fix our productivity puzzle unless everyone who can participate does.

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“So to those who retired early after the pandemic or haven’t found the right role after furlough, I say Britain needs you and we will look at the conditions necessary to make work worth your while.”

His comments have provoked criticism from Pension Expert CEO Andrew Megson, who said that the appeal to come back to the workforce undermines the freedom of pensioners to enjoy their retirements.

“Hunt outlined some sound logic in this morning’s speech: we must boost the economy. To boost the economy, businesses must thrive. And for businesses to thrive, inflation must drop. But sadly, 30 minutes of fluff followed.

“He told those who retired during the pandemic that ‘Britain needs you’, but he did not explain how he would attract people back into employment – something that still risks undermining the freedom Britons should have to enjoy their hard-earned retirement.

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“The Chancellor gave us a lecture, not a plan, saying we must wait for Spring Budgets and Autumn Statements for policies, spending commitments or detailed strategies. There’s no scope for such a rigid approach.

“Consumers need clarity now on how the government will tackle economic issues like rising interest rates and double-digit inflation; financial planning is difficult when uncertainty hangs overhead.

“I would urge the Chancellor to focus on speeches of substance, not sweeping generalities, to help people navigate the challenges that lie ahead of them.”

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