A multitude of research is emerging in response to the economic impact of Covid-19, specifically in relation to major unemployment concerns. The Office for Budget Responsibility this week released projections of the effect a three-month lockdown will have, with a predicted sharp rise in unemployment. Whilst all sections of society are affected by a recession, certain groups tend to fare worse.
According to the latest Insitute for Fiscal Studies (IFS) research, young workers and low earners will be hit the hardest by the epidemic, a similar conclusion has been reached by early analysis from the Institute for Employment Studies (IES), in their recent report. The Institute for Learning and Work, this week published their report on Covid-19 and the labour market, finding that workers under 30 are twice as likely to work in shut down sectors. Faced with this overwhelming evidence and the UK’s uncertain economic landscape, it is vital that both business and higher education work together to help mitigate this crisis.
NCUB is pleased to have been invited to participate in the new Youth Employment Group, a collaboration formed by Impetus, the Youth Futures Foundation, Prince’s Trust, Youth Employment UK and the IES to bring together leaders and experts in this area to help drive the UK’s response. It’s important we work together across the sectors to monitor, support, advocate and propose solutions.
The Youth Employment Group will focus on the immediate and longer term impacts on the employment prospects of young people, in particular those facing the greatest challenges. There are six working groups currently being established on the main areas of concern:
- Reduce job-losses in the immediate term
- Provide employability support during lockdown
- Ensure a quality welfare-to-work system post-lockdown
- Encourage a healthy youth labour market post-lockdown
- Support viable and quality self-employment for young people
- Ensure effective and accurate use of data
If you would like to stay informed about the discussions and share information, please join the LinkedIn Group to stay in touch with this work. If you would like your organisation to sign up to the Terms of Reference and become a member of the Youth Employment Group because you have research, insights and resource to contribute, please contact Samantha Windett, YEG Chair, at firstname.lastname@example.org