Chancellor unveils £2bn boost for young jobless
RISHI SUNAK will unveil a £2billion ‘Kickstart Scheme’ to create jobs for young people today as he lays out his latest emergency measures to shore up the economy.
The chancellor will promise to cover the wages of unemployed 16- to 24year-olds if employers offer them sixmonth work placements, as he delivers his summer economic Update.
‘Young people bear the brunt of most economic crises, but they are at particular risk this time because they work in the sectors disproportionately hit by the pandemic,’ Mr Sunak said. ‘We also know that youth unemployment has a long-term impact on jobs and wages and we don’t want to see that happen to this generation.’
There will also be a promise of £111million to triple the number of unpaid traineeships this year and £17million for sector-based work academy placements.
Mr Sunak told MPs that 9.4million jobs are now on furlough with another 2.7million self-employed people receiving grants. Labour said his plan to wind down the furlough scheme from August is already costing jobs.
‘Why is he persisting with this onesize-fits-all removal of the job retention scheme when this will inevitably lead to additional redundancies?’ demanded shadow chancellor Anneliese Dodds.
‘This is a universal scheme,’ Mr Sunak replied. ‘It is generous, it’s been extended to October and it’s winding down in a gradual and temperate manner.’
The chancellor is also expected to announce an increase in the threshold for stamp duty to as much as £500,000.