Knowledge Web Blog
The Sun has a very interesting article today – please read below…
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A MILLION jobs have been lost in the credit crunch from sectors that employ the most youngsters.
Shock figures last night showed that 406,000 manufacturing roles have gone since the end of 2007.
And 221,000 people have lost their jobs in retail, hotels and restaurants. More than 40 per cent of all working under 25-year-olds are employed in the retail or hospitality sectors. The only employment rise in the past four years is finance and business services.
Fuming union chiefs added that runaway inflation had piled on the misery for most households. The Retail Prices Index (RPI) has leapt 13.5 per cent since 2007 — with wages in construction up by just 0.2 per cent. Shopworkers pay has risen almost 7 per cent in the past four years.
TUC general secretary Brendan Barber said: “The UK economy desperately needs more jobs and the return of decent pay rises. The government should make jobs and fair pay its top priority.”
More than a million 16-to-25 year-olds are unemployed — a staggering 1 in 5 youngsters.
Prince’s Trust policy director Ginny Lunn said: “Youth unemployment is like a dripping tap, costing tens of millions of pounds a week through benefits and lost productivity. And just like a dripping tap, if we don’t do something to fix it, it’s likely to get much worse.”
The TUC’s grim figures come a day after a think tank claimed Britain will suffer “dismal” economic growth this year.
The Ernst & Young Item Club also slammed British companies for failing to invest despite having on more than £750BILLION in the bank.
Inflation figures today are tipped to show the first RISE in the cost of living for five months.
Economists fear unemployment figures tomorrow will reveal the number of people out of work rose by another 7,000 in the three months to February.
Ernst & Young Item Club advisor Peter Spencer said unemployment could rise from 2.7 million to nearly 3 million next year.