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I stopped work 2 years ago. I’m below retirement age. Is this whole economic collapse thing my fault? Sorry gize.
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I wait and see if this will end the low wage, "low skill" economy.
I loathe the way Brexit played people in the same economic status against each other just because of where they were born and if this was needed to improve wages it pisses me off, but at least it's something.
But as rent is still not well controlled, education at uni level is still expensive, some areas have permanent unemployment and low wage issues and care budgets for councils haven't gone up I'm not so sure it will work well without proper government intervention on those issues.
Long term illness may also play a role, covid worsened health issues and of course in poor areas that effect is stronger than in "I sold my house and can now retire screw work" areas.
Complex problems Vs simple solutions...
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I don’t find the “early retirement” explanation very convincing. Not least because the way the UK economy is set up, no-one who does anything that actually matters could afford to retire early. Maybe some senior NHS docs caught in the weird LTA traps.
But the current combination of falling asset values and high inflation might solve this with some “unretirements” over the next few years anyway.
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https://www.bbc.co.uk/news/business-64083802
So early retirement is the main cause for the current labour shortage according to this BBC article. Hidden down the article is "changes to migration" but I feel another government spin on why we are struggling and it won't be Brexit.