Tuesday, 29 November 2011

Building a stronger, more balanced economy

Today George Osborne, Chancellor of the Exchequer delivered his 2011 Autumn Statement to Parliament.

Responding to the Office of Budget Responsibility's updated Economic and Fiscal Outlook, the Chancellor has set out details of further action the Government will take to protect the UK from global instability and the euro area crisis and build a stronger, more balanced economy for the future.

The Chancellor announced permanent reductions in spending to ensure that the UK meets its fiscal targets, using some of those savings in the short term to fund infrastructure investment to generate long-term growth.

To ensure that every young person not already in work, education or training has support to get into the workplace, the Government is introducing the Youth Contract worth a total of £940million over the Spending Review period that will:

- provide extra support from Jobcentre Plus for unemployed 18-24 year olds, with additional advisor time and a careers interview from the National Careers Service after 3 months on JSA and with weekly (rather than fortnightly) signing from month five

- offer of work experience or a Sector Based Work Academy place for every unemployed 18-24 year old who wants one after 3 months on JSA, before they enter the Work Programme that the Government are providing an additional 250,000 places for

- young people unemployed after 9 months on JSA will transfer to the Work Programme

- funding will be provided for an estimated 160,000 wage incentives of £2,275 to make it easier for private sector employers to take on young people

- at least 40,000 of these incentive payments to be for small firms

- fund a new £50million a year programme to provide support to some of the most disadvantaged 16-17 year olds not in education, employment or training which will provide vital support to help them get into education, an apprenticeship or a job with training

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