Thousands of Britain’s poorest youngsters will bear the brunt of the recession, warns a report published by The Prince’s Trust and ESRC Centre for Giving and Philanthropy, Cass Business School.
According to the report unemployment will rise and local youth services will become vulnerable to cuts, leaving an increase in young people who turn to crime.
Professor Cathy Pharoah, Co-Director, Centre for Charitable Giving and Philanthropy at Cass Business School said:
“The Prince’s Trust alone needs nearly £1 million a week to continue its work. Any loss of investment will have a huge cost to the future of the country.”
Currently more than 450,000 under-25s in the UK currently claim Jobseeker’s Allowance. This figure has risen by more than 80% in the past year alone, costing the state more than £23 million per week in Jobseeker’s Allowance.
Martina Milburn, chief executive, The Prince’s Trust, said:
“Britain’s most vulnerable youngsters will be permanently damaged by the downturn, unless they receive the support they need. We need to help young people into jobs – only with their ideas and creativity will we be able to pull ourselves out of the recession.”
Youth unemployment currently costs the UK economy £10 million a day in lost productivity, while youth crime costs £1 billion ever year.
