Early deaths from cancer are costing the UK economy a staggering £10.3 billion every year, according to the most comprehensive analysis of its kind.

Researchers at Cancer Research UK calculated the significant economic toll by assessing the number of working years lost to the disease and the expected economic output during that period.

Their findings highlight a particularly acute impact from cancer deaths among young adults aged 25 to 49, which alone accounts for £3.2 billion of the annual economic loss.

When broken down by cancer type, lung cancer represents the largest individual financial burden, costing the economy £1.7 billion annually and resulting in 54,000 lost productive years of life.

Bowel cancer follows, accounting for £1.2 billion and 39,000 lost years, while brain cancer contributes £0.75 billion and 26,000 years, and pancreatic cancer £0.61 billion and 20,000 years.

It is important to note that these figures solely reflect lost earnings and do not encompass the costs associated with caring for cancer patients, nor the expenses of diagnosis and treatment.

In an accompanying report, Cancer Research UK underscored the potential for economic growth that could be unlocked by improving cancer survival rates and enhancing early detection efforts.

In his foreword to the study, executive director of policy Ian Walker argued that “cancer isn’t just a health challenge, but also an economic one”.

He added: “Current evidence shows that focusing on prevention and early detection and diagnosis is both the right thing to do for people affected by cancer, and the smart thing to do in economic terms.”

Overall, each individual adult cancer death was found to cost an average of £61,000 to the economy.

The impact was particularly big if people died when younger, owing to the larger loss in terms of working life.

In 2023, some 119,000 years were taken from the future working lives of adults under 50, amounting to £3.2 billion in lost output.

In the future, losses could grow even more as cancer cases and deaths are projected to rise, with half a million cases diagnosed every year by 2040.

Michelle Mitchell, chief executive of Cancer Research UK, said: “Cancer has an immeasurable impact on patients and their loved ones.

“But this report reveals there is also a significant economic cost.

“At a time of tight budgets and overstretched services, the UK Government can’t afford to wait any longer.

“The upcoming national cancer plan is an opportunity to transform cancer survival in England.

“Action to prevent more cancers and diagnose them early will give people more moments with those they love, whilst relieving pressure on the NHS and building a stronger, healthier economy.”

As part of its plan, Cancer Research UK wants the Government to take further action on smoking, obesity and alcohol, all of which contribute to cancer.

It also wants to see earlier diagnosis, including fully rolling out lung screening across England, and prioritising research.

Annalisa Belloni, lead economist at Cancer Research UK, said: “The UK Government won’t deliver growth without delivering for people affected by cancer.

“Dedicating energy and resources to tackling this disease shouldn’t be seen as a cost – it’s a necessary investment.”

The Department of Health has been contacted for comment.