Jobless costing £7m a week
A jobless generation of young people is costing the West Midlands millions in lost productivity and crime, according to a new report. A jobless generation of young people is costing the West Midlands millions in lost productivity and crime, according to a new report. The Prince's Trust and The Royal Bank of Scotland Group have warned youth unemployment is costing the region's economy more than £5.5 million a week in lost productivity. Together with £1.7 million a week paid out in jobseeker's allowance, the young unemployed are having a major effect on the region. Read the full story in the Shropshire Star.
A jobless generation of young people is costing the West Midlands millions in lost productivity and crime, according to a new report.
The Prince's Trust and The Royal Bank of Scotland Group have warned youth unemployment is costing the region's economy more than £5.5 million a week in lost productivity.
Together with £1.7 million a week paid out in jobseeker's allowance, the young unemployed are having a major effect on the region.
The organisations' report was based on research conducted by the Centre for Economic Performance, London School of Economics.
It also reveals youth crime is costing the West Midlands £71 million every year, while educational underachievement costs more than £2.2 billion in lost earnings.
Kathy Williams, West Midlands regional director for The Prince's Trust, said: "Almost one in five young people are out of work, education or training.
"Only by helping young people in the West Midlands develop new skills and get back into work can we make a real investment in our region."
The trust aims to get young people back into work and can help them invest in businesses. It says more investment is needed to help young people in the West Midlands' deprived communities who are not in employment, education or training.
It argues that helping young people gain the key skills to find work represents value for money given the measurable costs of social exclusion.
Grants are available from the trust as well as loans to help start up a business.
RBS economist David Fenton said: "A strong economy and low unemployment continue to mask the true cost of youth exclusion.
"With the right support, this lost generation can make a significant contribution to the health of the UK economy."
The Prince's Trust helped more than 3,400 young people in the region gain skills and find work last year.
The charity works with 14 to 30-year-olds who have struggled at school, have been in care, are long-term unemployed or have been in trouble with the law.
To contact the trust call (01384) 892100.
By Rebecca Lawrence