The use of a floating point support library on Cortex-M based MCUs (other than Cortex-M4) is a long standing practice across all toolchains, not just LPCXpresso IDE. ARM chose to reduce silicon cost in the CPU - at the cost of memory requirements in applications that do require some float support.
With a simple test program carrying out a divide operation and an add operation, using (the open source) NewlibNano I see code size go from 928 bytes to 2420 bytes switching from int to float variables (so an increase of ~1.5KB).
But using Redlib the code sizes are 908 and 1658 (so closer to 0.6KB). Thus one way to save size will be to use Redlib - though you won't be able to do this if you applications actually does use C++.
I imagine that part of the difference could be down to the granularity of the way the code of the floating point library has been written in each case. This may mean that as you use more floating point operations, the size difference of Redlib vs NewlibNano may decrease - though I haven't actually checked this. [Redlib uses our own floating point library, not the one from Newlib/NewlibNano.]
Note my tests were actually done using MCUXpresso IDE, but results should be close to identical with LPCXpresso IDE v8.2.
Regards,
LPCXpresso Support