Coalition to launch £1bn Youth Contract

Date: 25th November 2011

The government is to offer financial incentives to small businesses taking on unemployed youngsters.

Deputy Prime Minister Nick Clegg will outline the £1 billion Youth Contract later today (November 25th).

Set to commence from April 2012, the project will see businesses receive £2,275 in wage subsidies when employing an unemployed 18 to 24-year-old.

It is hoped that the project will provide at least 410,000 new jobs as the coalition attempts to curb rising unemployment in the UK.

Mr Clegg is expected to say: "The aim of the Youth Contract is to get every unemployed young person earning or learning again before long term damage is done. This is a £1 billion package and what's different about it is it gets young people into proper, lasting jobs in the private sector.


"We can't lose the skills and talent of our young people - right when we need them most. We can't afford to leave our young men and women on the scrap heap. We need the next generation to help us build a new economy."

Meanwhile, Business Secretary Vince Cable recently announced a new focus on simplifying regulation in the recruitment sector in order to make it easier for firms to take on new workers.

Posted by Jacob Williams