Young jobless numbers surge

| December 2, 2010 | 0 Comments
”Young

A report by the Prince’s Trust and the Royal Bank of Scotland (RBS) has found that the number of young people claiming unemployment benefit has soared - costing the economy £155 million a week.

The number of 16 to 24-year-olds claiming jobseekers allowance escalated from 5,840 in 2008 to 25,800 this year, according to the report.

The latest figures means the youth jobless rate is at a 16-year high.

Commenting, Fionnuala Earley, an economist from RBS said: “As the UK struggles to clear record levels of national debt, we cannot afford to ignore the growing costs of youth disadvantage.

“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.”

The latest figures mean the UK’s youth unemployment rate is higher than many of its European counterparts, including Germany, Denmark, Austria, Norway and Holland.

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