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High inflation in UK forces older people back to work

25 July 2022
1875
1 min.
4
High inflation in UK forces older people back to work

Inflation in the UK

The rapid rise in the cost of living in the UK is forcing UK pensioners back to work. The Guardian, a British newspaper, said this on Monday.

According to estimates of the National Statistics Service of Great Britain, which leads the edition, for the last year the number of working subjects of the United Kingdom over the age of 50 years increased by 116 thousand people, exceeding the level before the pandemic coronavirus.

However, an analysis of the data shows that the increase in the number of working pensioners is primarily due to those who were previously retired returning to the labour market.

As reasons for this trend, experts interviewed by the newspaper highlight the "monthly decline in the purchasing power of the population", which "makes a growing number of pensioners feel poorer than ever", and the "volatility in financial markets", which "leads to significant concerns about sources of income" after a potential exit from work.

It is also worth noting that the National Statistics Service previously reported that inflation in the UK rose to an annualised rate of 9.4% at the end of June, the highest rate in 40 years.

According to the Bank of England's latest estimates, the country's price growth rate could exceed 11% in the autumn. In March, the Centre for Economics and Business Research in London released a report which warned that the UK risks the biggest fall in living standards since the 1950s.

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