Over 125 UK business leaders are pushing for a tax relief scheme to aid companies in training young people not in education or employment. Executives from prominent firms warn of a crisis, with 923,000 16-24 year-olds classified as NEETs. They argue that the relief would make training programs more feasible for firms facing rising costs. The proposal includes covering expenses for apprenticeships and vocational training. Experts emphasize that young people are eager to work, but lack pathways, highlighting the urgent need for a skills tax relief to address rising youth inactivity and skills gaps.
A direct and accessible skills tax relief would act as a fiscal incentive, enabling businesses to invest in training young people.
We are not short of young people with ambition. We are short of clear routes into real work.
The cost of Neet-related inactivity-both in lost productivity and welfare spending-was now unsustainable.
The Centre for Social Justice has proposed a 40% tax credit for businesses hiring and training Neets.
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