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Early Retirement

Volume 404: debated on Wednesday 30 April 2003

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To ask the Chancellor of the Exchequer if he will make a statement on economic modelling conducted by his Department to show the impact of early retirement on the economy for the next 10 years. [110405]

No macroeconomic modelling has been done of the impact of early retirement on the economy over the next 10 years. Increased early retirement in the near future would tend to reduce the supply of labour available to employers and so, all other things equal, potentially reduce the growth of employment and output in the near future. However the recent pensions Green Paper explained that the average UK age of withdrawal from the labour force of retirement is relatively high compared to most other EU member states, and set out a range of measures to enable those wishing to work for longer to do so.