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A Labour initiative aimed at helping young people transition from welfare to employment is being launched during a new hiring downturn.
Sir Keir Starmer will today commit to creating 55,000 additional apprenticeships by covering the full training costs for small and medium-sized enterprises.
Sir Keir Starmer will commit to creating 55,000 more apprenticeshipsCredit: AFP
Vacancies have decreased across all sectors, particularly in the hospitality industryCredit: Getty
However, a recent report by KPMG and the Recruitment and Employment Confederation has revealed that job vacancies have declined in every sector of the economy, notably in the hospitality sector.
The Prime Minister is investing £725 million into this initiative in an effort to alleviate dissatisfaction surrounding his “Benefits Street Budget.”
Last night, he emphasized that apprenticeships are a “defining priority for this government,” as nearly one million individuals aged 16 to 24 are currently out of work, education, or training.
Nonetheless, this initiative may be jeopardized as tax-affected businesses have fewer job openings.
Lisa Fernihough, from KPMG UK, stated: “The latest data confirms that the job market remains in a state of contraction.”
“A complicated environment and uncertainty regarding the Budget kept hiring frozen last month.”
Kate Nicholls, CEO of UKHospitality, remarked: “The total tax bill last April was £3.4 billion, while this year it stands at £2.2 billion.”
“This situation is simply not sustainable.”
“You cannot balance the nation's finances on the backs of small businesses in the hospitality sector and then expect them to create jobs and foster growth in our communities.”
Labour's initiative to assist young people in leaving welfare for employment occurs amidst a new hiring slumpCredit: Getty
Frequently Asked Questions
What is Labour's new initiative for apprenticeships?
Labour's new initiative aims to create 55,000 additional apprenticeships by covering the full training costs for small and medium-sized businesses.
How much is the government investing in this apprenticeship scheme?
The government is investing £725 million into the apprenticeship scheme.
What challenges are currently facing the job market?
The job market is experiencing contraction, with hiring being stalled due to a complex environment and uncertainty surrounding the Budget.
Eze Chidiebere Paul
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