Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleThe British Chambers of Commerce (BCC) forecasts that UK unemployment will increase by over 400,000, reaching two million (5.5 per cent) by the end of Labour's first term. The report highlights a significant rise in youth unemployment, predicting 167,000 more 16-24 year olds will be out of work by 2028, pushing the rate to 17.8 per cent. The BCC also anticipates weak business investment, higher inflation reaching 3.8 per cent by the end of the year due to energy costs, and falling exports, alongside a reduced GDP growth forecast of 0.9 per cent. Vicky Pryce of the BCC cited a fragile global environment, geopolitical instability in the Middle East, and rising energy and shipping costs as key factors impacting economic growth and inflation. The forecast follows warnings from former minister Alan Milburn about a “lost generation” of young people, with the shadow business secretary criticising government “taxes on jobs” for exacerbating the situation. In fullUnemployment to hit 2m under Labour, business group warnsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Warning unemployment could hit 2m under Labour, with young people worst hit
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleThe British Chambers of Commerce (BCC) forecasts that UK unemployment will increase by over 400,000, reaching two million (5.5 per cent) by the end of Labour's first term. The report highlights a significant rise in youth unemployment, predicting 167,000 more 16-24 year olds will be out of work by 2028, pushing the rate to 17.8 per cent. The BCC also anticipates weak business investment, higher inflation reaching 3.8 per cent by the end of the year due to energy costs, and falling exports, alongside a reduced GDP growth forecast of 0.9 per cent. Vicky Pryce of the BCC cited a fragile global environment, geopolitical instability in the Middle East, and rising energy and shipping costs as key factors impacting economic growth and inflation. The forecast follows warnings from former minister Alan Milburn about a “lost generation” of young people, with the shadow business secretary criticising government “taxes on jobs” for exacerbating the situation. In fullUnemployment to hit 2m under Labour, business group warnsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
BCC forecasts 2 million UK unemployed (5.5%) by 2028, youth unemployment 17.8%; inflation 3.8%, weak investment, 0.9% GDP growth. Tech hiring and digital transformation budgets face pressure; enterprises will defer projects and renegotiate vendor contracts.
