Unemployment to peak in 2026 before falling back, says Chancellor

Evening Standard

Unemployment is set to peak later this year and then drop, Rachel Reeves has said.The Chancellor told the Commons: “I know that the economy is not yet working for everyone and that the deep economic scars left by the party opposite (the Conservatives) and their mates in Reform are still blighting the lives of too many people.“In today’s forecasts, unemployment is set to peak later this year and then fall in every year of the forecast period, ending the forecast period at 4.1% -  lower than it was at the start of the Parliament, but young people in particular are still suffering from the aftermath of years of Tory mismanagement."

Transcript

00:00I call the Chancellor of the Exchequer.

00:05In today's forecasts, unemployment is set to peak later this year

00:09and then fall in every year of the forecast period.

00:14Ending the forecast period at 4.1%, lower than it was at the start of the Parliament.

00:24But young people in particular are still suffering from the aftermath of years of Tory mismanagement.

00:32In the last five years of the previous government,

00:35the number of young people not in education, employment or training increased by 113,000.

00:45The number of inactive people reached record highs under their government.

00:52And over the last decade, apprenticeship starts by young people fell by 40%.

01:01This government will not leave an entire generation of young people behind.

01:07We are already taking action with additional investment to reform apprenticeships to prioritise young people.

01:15And through the £820 million youth guarantee,

01:19providing young people with employment support and a guaranteed job.

01:24And in the coming weeks, I will set out more reforms to undo the Tory legacy of neglect

01:30and give young people the support and the opportunity that they deserve.

01:35Amen.

01:37Amen.

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