In the News
Worsening health holds back UK economic growth
The former Chief Economist of the Bank of England, Andy Haldane has claimed that poor health is acting as a drag on economic growth. New data finds that long-term sickness in the UK has risen by 500,000 in just three years.
“Having been an accelerator of wellbeing for the last 200 years, health is now serving as a brake in the rise of growth and wellbeing of our citizens.”
“We’re in a situation for the first time, probably since the Industrial Revolution, where health and wellbeing are in retreat.”
There has been a big rise in the number of people who are economically inactive due to long-term sickness.
The number of people in the UK who are unable to work because of a long-term condition has risen from 2 million in spring 2019 to 2.5 million in the summer of 2022.
Almost 9 million people are now neither working nor seeking work – this is a very important supply-side issue for the UK economy.