The UK’s shrinking and ageing inhabitants is limiting financial progress, with “outdated and static” working practices, MPs have warned.

An “exodus” of over-50s from the labour market has worsened shortages, a cross-party Home of Commons Enterprise, Vitality and Industrial Technique (BEIS) committee report stated.

Chairman Darren Jones stated: “Our shrinking and ageing UK labour market, and the shortage of political management on this challenge, is holding again financial progress.”

Polling for the report, titled ‘Submit-pandemic financial progress’, printed at present, discovered many within the workforce who had taken early retirement would return to work in versatile or part-time jobs.

Deltapoll sampled 1,031 45-60 12 months olds, between 6 and 12 March, and located simply over half of early retirees regretted their resolution to depart the workforce.

Boundaries to workforce

However restricted protections over non-full time work acted as a barrier to employment, MPs stated.

It comes after Chancellor Jeremy Hunt’s funds targeted on tackling boundaries to work with a view to supercharging the UK’s financial progress prospects within the medium-term.

Ministers ought to take into account both organising a brand new Ministry for Labour; appointing a brand new cupboard workplace minister for labour; or convening a cupboard committee to coordinate coverage.

Weak staff’ rights enforcement left them susceptible to “unscrupulous” employers, and MPs urged the federal government to create a single watchdog to observe the problem, the report stated.

It follows high-profile hearings with British Gasoline, P&O Ferries and Amazon.

‘Outdated and static’

Proof to the committee discovered the UK had lower than half the variety of labour inspectors to fulfill international requirements, whereas corporations are inspected by Nationwide Minimal Wage groups each 500 years.

Jones added: “What now we have now’s outdated and static whereas working practices transfer on.

“Weak or absent enforcement means staff might be uncovered to exploitative practices with none consequence, rendering their rights nugatory.

“We gained’t be capable to transfer the dial on financial progress in our nation till we put money into, assist and profit from the potential of each employee throughout the UK.”

The Division for Enterprise and Worldwide Commerce (DBIT) has been contacted for remark.