High youth unemployment leaves £45bn hole in UK economy
Bearing in mind the challenges of living and working in rural England for young people, just imagine the impact on rural economies tackling our share of this challenge would have. This article tells us: High youth unemployment is costing the British economy £45bn per year, according to research from PwC, as well as blighting the careers of workers who miss out on a job in their teens and twenties.
Youth unemployment has fallen sharply since the height of the financial crisis, but at 15.4pc last year the level remains above the rate a decade ago, and above the average of developed countries in the Organisation of Economic Co-operation and Development.
The proportion of 16- to 24-year olds not in education, employment or training – known as NEETs – is also uncomfortably high at 17pc.
If Britain could reduce the number to NEETs to match Germany’s rate of 10.1pc, it would add 2.3pc to GDP, worth £45bn, PwC believes