The missing million: Addressing the youth employment challenge
The number of unemployed young people in the UK stands at almost one million and, unlike adult unemployment, this number has hardly fallen since the recession. Of particular concern are the 282,000 (July-Sep 2013) young people that have been unemployed for over 12 months.
For the UK, higher unemployment leads to lost economic productivity and higher welfare costs. And the costs for the individual are even more profound: unemployment can have scarring effects on wages; increase the likelihood of future spells of unemployment; and affect mental and physical wellbeing. Successive governments have tried and failed to tackle this crisis and the aim of this research programme is to find solutions that really can make an impact.
The missing million is a two-year, solutions-focused project with the aim of increasing the employment prospects of young people in the UK. To do this, the project will answer two key questions:
- What measures can be taken now to address the problem of youth unemployment?
- How can the UK move to a longer-term model with lower levels of youth unemployment?
In the first year, we produced the following reports: