Long-term youth unemployment is costing taxpayers more than \u00a3180m a year, according to new analysis by Labour.<\/p>\n
Rachel Reeves, the shadow Work and Pensions Secretary, seized on the figures, arguing that youth unemployment was “a huge waste of [their] talents and potential”. Nearly 30,000 people aged 24 and under have been on the dole for longer than a year and each is estimated to cost the economy \u00a36,243 a year in benefits and lost tax revenue.<\/p>\n
A Department for Work and Pensions spokeswoman pointed out that long-term youth unemployment fell in 2014 and added: “There are around 700,000 job vacancies at any one time and we’re working hard as part of our long-term economic plan to support Jobseekers’ take-up of those.”<\/p>\n
Labour has pledged a six-month paid job to every young person out of work for a year or more, funded by a fresh tax on bank bonuses and restricting pension tax relief for those earning more than \u00a3150,000. Source: independent.co.uk<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Long-term youth unemployment is costing taxpayers more than \u00a3180m a year, according to new analysis by Labour. Rachel Reeves, the shadow Work and Pensions Secretary, seized on the figures, arguing…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[36,38,5,32,42],"tags":[],"class_list":["post-2914","post","type-post","status-publish","format-standard","hentry","category-internship","category-join-the-conversation","category-news","category-workshops","category-youth"],"yoast_head":"\n