The House of Lords Economic Affairs Committee has opened an inquiry, with a call for evidence, into how the UK should prepare for an ageing society and the implications for the UK economy. The inquiry is intended to assess the opportunities and challenges created by demographic trends, the policies needed to adapt, and any broader behavioural changes that may be required. The Committee frames the inquiry against a backdrop of a record-low total fertility rate of 1.44 children per woman in England and Wales in 2023 and projections showing a rising share of older people, including an increase to 27% of the population over 65 by 2072 (from around 19% in 2022) and a near doubling of the over-85 population to around 3.3 million by 2047. The questions it will explore include drivers and potential inflexion points in demographic trends, the role of immigration, workforce changes and the productivity of older workers, incentives created by tax and pension arrangements for later-life work, the implications for younger people and working lives, whether AI and other technologies can offset labour-force pressures, lessons from other countries, and issues of intergenerational fairness including the efficiency of asset transfers. Written evidence must be submitted by 00:01 on 28 April 2025.
UK Parliament 2025-03-24
UK Parliament’s House of Lords Economic Affairs Committee launches call for evidence on preparing for an ageing society
The House of Lords Economic Affairs Committee has launched an inquiry into the UK's preparedness for an ageing society and its economic implications. The inquiry will examine demographic trends, policy adaptations, and behavioural changes needed, considering factors like immigration, workforce productivity, and intergenerational fairness. It aims to address challenges such as labour-force pressures and the efficiency of asset transfers.