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Rachel Reeves, the chancellor, is expected to unveil a new initiative that aims to tackle long-term youth unemployment for young people who have been out of work or education for 18 months. The plan includes offering guaranteed paid work placements, with potential repercussions for those who decline the offer. In a speech at the Labour Party’s annual conference in Liverpool, Reeves will highlight the importance of eliminating persistent youth unemployment and promoting a society centered on the principles of hard work and fair reward.
The upcoming scheme builds upon the previously announced “youth guarantee” from last November, which provided 18 to 21-year-olds in England with access to apprenticeships, training, education opportunities, or job assistance. Individuals on Universal Credit for 18 months without engaging in employment or education will be eligible for the guaranteed paid work placement. The primary objective of these placements is to equip young people with the necessary skills to secure full-time employment in the future.
Collaborating with private companies, the government anticipates that businesses will partially cover the wages for the job placements. While the exact budget allocation for the scheme has not been disclosed, funding will be drawn from existing budgets outlined in the spending review earlier this year. Further details are set to be revealed during the November Budget announcement, where the chancellor will outline the government’s financial plans to address the challenges posed by the current economic climate.
As part of her conference address, Reeves will emphasize the government’s commitment to eradicating long-term youth unemployment, echoing the sentiment expressed by the Federation of Small Businesses, who praised the initiative as significant. However, concerns linger regarding the capacity of businesses facing escalating pressures such as National Insurance Contribution hikes and the National Minimum Wage upticks to absorb a large influx of new employees. Despite these challenges, Reeves remains steadfast in her vision for a Britain founded on opportunity and contribution, where every individual has the chance to thrive, unimpeded by their background
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