Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential economic effect of older workers taking early retirement as a result of the covid-19 outbreak.

The Treasury monitors closely the impact of Covid-19 on the economy on an ongoing basis, although it does not prepare forecasts, which is the responsibility of the independent OBR. The OBR bases its forecasts on many factors and data, including labour market and population data, which will account for the impact of birth and retirement rates, among other factors.

The Treasury remains committed to ensuring we take the right action at the right time to support individuals and businesses in every region and nation of the United Kingdom. We have already announced considerable and unprecedented support for businesses and individuals through the pandemic.

The Government recognises the importance of supporting older workers to remain active in the labour market and is committed to supporting older workers to find and retain employment. The Government has recently refreshed it Fuller Working Lives strategy to include 50 PLUS: Choices, recognising the different situations and challenges currently faced by the over 50s. We are continuing to work closely with employers, while ensuring early and targeted employment and skills support is available to help over 50s stay in or return back to work. The Plan for Jobs package provides new funding to ensure more people, including those aged 50 and over, get tailored Jobcentre Plus support to help them find work and to build the skills they need to get into work.

We continue to take a flexible approach and keep all impacts and policies under review.