The UK’s shrinking and ageing inhabitants is limiting financial progress, with “outdated and static” working practices, MPs have warned.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

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

Polling for the report, titled ‘Publish-pandemic financial progress’, revealed 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 choice to depart the workforce.

Limitations to workforce

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

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

Ministers ought to think about both establishing a brand new Ministry for Labour; appointing a brand new cupboard workplace minister for labour; or convening a cupboard committee to coordinate coverage.

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

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‘Outdated and static’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 satisfy world requirements, whereas companies are inspected by Nationwide Minimal Wage groups each 500 years.

Jones added: “What we have now now could be outdated and static whereas working practices transfer on.

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

“We gained’t have the ability to transfer the dial on financial progress in our nation till we spend money on, assist and benefit from the potential of each employee throughout the UK.”

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