The much anticipated Youth Contract has been today, by Deputy Prime Minister Nick Clegg. The Youth Contract aimed at addressing the high levels of youth unemployment in the UK, will invest £1 bn into the sector, providing incentives for employers to create apprenticeships and subsidies to employers who take on young members of staff.
Despite criticism from the Labour Party who last night released figures which show that unemployment has doubled in the past year, the Coalition Government maintains that the Youth Contract will address youth unemployment which exceeded the 1 million mark this year.
As part of the Youth Contract the Government will provide £2,275 in wage subsidies for each long term unemployed 18-24 year olds that the employers recruit and provide £126m worth of incentives to encourage businesses to create new apprenticeship programmes.
