The UK's population is expected to grow to 72.5 million by 2032, with net migration contributing nearly all of this increase. According to the Office for National Statistics (ONS), this influx is projected to add 4.9 million people to the population over the next decade. The growing working-age population is anticipated to boost the economy, generating an additional £5 billion in annual tax receipts by the end of the decade. While births are projected to rise slightly, an aging population will also lead to a higher number of deaths.