A sharp rise in the number of people dropping out of the UK workforce has been largely because of older workers choosing to retire early, according to new analysis by the Institute for Fiscal Studies.
Almost half a million fewer people were in paid work in the UK in the first quarter of 2022 than before the Covid pandemic struck, according to the study published by the think-tank on Thursday.
This contraction in the size of the workforce — largely because of higher economic inactivity among young people and older workers — is one of the main reasons why the Bank of England is worried that labour shortages will fuel wage growth and stoke inflation.
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