Youth Unemployment Costs Hit Staggering 8 Billion GBP a Year

A study from the Prince’s Trust and RBS found there were more than 25,800 young people claiming unemployment benefit for over 12 months at a cost of some £155m a week according to reports.

This was a 442% increase on the number in 2008, before the financial crisis began, and takes the youth jobless rate to a 16-year high.

“This is not just a welfare burden – lost productivity and wasted potential directly affect the rate of economic growth in the UK. It’s crucial for the economy that young people have the skills and confidence they need to find work and view entrepreneurship as a realistic option.” Said Chris Grayling, the Employment Minister.

Young people with fewer qualifications were hardest hit by the recession, adding to the education debate. We need to look at this from beginning to end. Why not look at teaching trade skills at school? Why not load university fees for those wanting to study courses where there is no industrial demand?

If the numbers are right this is an £8bn a year prize here, surely meriting considerable attention from the educators and politicians in order to produce what society requires. Also it must be soul destroying to emerge from education after 13-17 years and not be able to get a job of any kind although it should be noted that 91% of graduates successfully obtained a job within 6 months of graduating

The new figures take the UK youth unemployment rate above many other European countries, including Germany, Denmark, Austria, Norway and Holland.