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PRIVACY
Economic Development

'Corona Class of 2020' fears expressed but Hull firm honours apprentice commitment

Jobless figure for 18-24 year olds could soar but we hear from one business with a firm commitment to future skills

The KWL intake at last year's Guildhall celebration.(Image: KWL)

Youth unemployment could soar by 600,000 this year because of the coronavirus crisis, a report warns.

The Resolution Foundation said young people’s prospects could be “scarred” for years, causing long-term damage to their pay and job prospects, with the think tank stating “major new support” was needed to help 18 to 24-year-olds through the economic crisis.

Research from previous recessions suggested that young people who have just left full-time education are hit harder than other age groups.

The foundation has called on policymakers to help young people spend an extra six months in education.

Employment rates of graduates entering the labour market during this crisis are projected to be 13 per cent lower in three years’ time than they would have been, and rates for mid- and low-skilled workers risk falling even further - 27 per cent and 37 per cent respectively, said the report.

Kathleen Henehan, research and policy analyst at the Resolution Foundation, said: “The 800,000 young people set to leave education this year amid an unprecedented economic crisis are facing huge immediate unemployment risks, and longer-term damage to their careers.

“The ‘Corona Class of 2020’ could face years of reduced pay and limited job prospects, long after the current economic storm has passed, unless the Government provides additional support - and fast.

A Job Centre Plus branch.(Image: PA)

“A new maintenance support scheme could help thousands stay in education and build up their skills, while those entering the labour market for the first time should be supported by a job guarantee offering critical employment experience.”