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Economic opportunities for an ageing population

George Magnus speaking New Industry, New Jobs is an active industrial strategy for Britain. It’s about the British Government actively working to ensure our people and businesses are equipped to compete and win in the global economy emerging from this downturn.

Within this strategy, which was published in April 2009, the Government set out some thinking about the economic opportunities and challenges presented by the ageing population. An ageing society is a key driver of economic change, and it is important for BIS to understand the challenge and to develop a coherent agenda as part of New Industry, New Jobs.

Seminar

Taking this agenda forward, on 3 February 2010 BIS held a seminar entitled 'Is business ready for an ageing nation – economic opportunities for an ageing population', bringing together representatives from academia, businesses,the third sector and public sector.

Speakers including Pat McFadden, Vicky Pryce and George Magnus set out why, despite some of the challenges presented by an ageing population, there are also positive opportunities to be seized from the demographic change.

Participants considered in particular:

  • older people’s contribution to the labour market
  • the role business can play in innovating for the older consumer
  • the impact of ageing on public finance and private savings

 

Discussion paper

Is business ready for an ageing nation? Economic opportunities and challenges of ageing: Discussion paper (PDF, 493 Kb) 

Following the seminar, BIS produced a discussion paper which aims to publicise to a wider audience the various questions emerging from the debate for future action by business and government and to seek views on:

  • the extent to which the issues raised are the right ones
  • specific aspects which should be explored in more detail by government and business.

Stakeholders are invited to make their views heard by 30 June 2010:

  • by email: ageingpopulation@bis.gsi.gov.uk
  • by post:

    Ageing Population Team
    New Industry, New Jobs Directorate
    Department for Business, Innovation & Skills
    1 Victoria Street
    London SW1H 0ET

 

Analytical paper

Is business ready for an ageing nation? Economic opportunities and challenges of ageing: Analytical paper (PDF, 811 Kb) 

We have also carried out economic analysis to understand:

  • the global demographic shift
  • the effects of ageing on the workforce
  • the impact of ageing on public expenditure
  • potential future business opportunities

 

Key documents

 

You can read transcripts from the seminar by clicking on the following links:

Pat McfaddenThe Rt Hon Pat McFadden MP, Minister for Business, Innovation and Skills, discusses older people’s economic future, areas of national capability and potential policy choices that would assist us in meeting the challenges of an ageing population and making the most of the opportunities it presents.

Transcript of Pat McFadden’s speech (DOC, 43 Kb) 

 

 

George MagnusGeorge Magnus, Senior Economic Adviser, UBS: Macroeconomic Risks and Business Opportunities. In his speech George highlights the main implications of the demographic on the supply of labour, dependency ratios and businesses.

Transcript of George Magnus’s speech (DOC, 41 Kb) 

 

 

Vicky PryceVicky Pryce, Director-General Economics, BIS: Opportunities and challenges of ageing – economic analysis. In her presentation, Vicky presents some of the economic analysis on changing global demographics, effects of ageing on the workforce and public expenditure and future business opportunities from an ageing population

Vicky Pryce presentation (PPT, 128 Kb)