What is the current youth unemployment rate in Britain?

The unemployment rate for 18-24 year olds in Britain was 13.7% in the three months to November.

What has caused the rise in youth unemployment in Britain?

Bank of England policymaker Catherine Mann believes substantial increases in minimum wages for younger workers have contributed to the rise in youth unemployment.

How much has the minimum wage for young workers increased?

The minimum wage for 21-22 year olds has risen by 33% over the past three years to 12.71 pounds per hour, and for 18-20 year olds, it has risen 46% to 10 pounds per hour.

Home / Business and Economy / UK Youth Jobs Hit by Minimum Wage Hikes

UK Youth Jobs Hit by Minimum Wage Hikes

15 Feb

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Summary

Youth unemployment rose to 13.7% in the three months to November.
Minimum wage for 21-22 year olds increased by 33% over three years.
Policymaker links youth job losses directly to wage increases.

Youth unemployment in Britain has seen a significant increase, reaching 13.7% for 18-24 year olds in the three months leading up to November. This figure marks a rise from 10.2% three years prior, reaching its highest point since late 2020.

Bank of England policymaker Catherine Mann has indicated that significant hikes in minimum wages for younger workers are a key factor behind this trend. She specifically pointed to the 33% increase in the National Living Wage for 21-22 year olds, bringing it to 12.71 pounds per hour. Additionally, the rate for 18-20 year olds rose by 46% to 10 pounds per hour.