The commission on hearing loss in the UK, which has been set-up by the International Longevity Centre-UK, has calculated that nearly £25 billion (£24.8 bn) were lost in the UK in 2013 as a result of lower employment rates among people with hearing loss. This is equal to around €31 billion or $42 billion US.
The figures can be found in a report published by the commission in 2014.
The commission used the same method used in hear-it AISBL’s 2006 report "Evaluation of the Social and Economic Costs of Hearing Impairment" with minor changes and confirms the report’s findings. The report found that untreated hearing loss costs Europe €213 billion per year.
Costs will increases by 56%
Using the economic growth model from The International Longevity Centre-UK, the commission predict that if nothing is done to address lower employment rates for those with hearing loss, the UK economy will lose nearly 39 billion pounds (£38.6 bn) in potential economic output in 2031. This is equal to €40 billion or $65 billion US. An increase of 56% in 18 years.
The International Longevity Centre-UK is the leading think tank on longevity and demographic change.