The Labour Market in Winter: Unemployment and its Legacy
Youth unemployment is one of the key social challenges facing the UK, with about 40 per cent of all those unemployed being aged under-25. Evidence from previous recessions has highlighted that the economic dislocation from youth unemployment lasts much longer than any spell out of work when young.
In the last two recessions, those experiencing a year or more out of work, before the age of 25, have gone on to experience an extra two months out of work, every year through to their mid-30s, and they have 10 per cent lower wages when in work. This forms the basis for viewing youth unemployment as an investment, with upfront costs that then produce a steady stream of future returns, which can more than pay for these costs, even to the Exchequer.
The presentation highlights promising strategies for tackling youth unemployment.
This video is one of five from the IPR Launch Conference. View other Conference videos.
