Youth unemployment up 78% since 2000
UK unemployment for people aged between 18 and 24 has shot up by 78% since 2000, according to a report by the TUC.
This is compared to 42% for the whole of the population and the number of young people in long-term unemployment - out of work for at least a year - has risen by a staggering 874% since 2000, in comparison to a rise of 50% for everyone else.
In the same time period, wages for young people have risen at a significantly lower rate compared to the average. After inflation, those aged between 18 and 21 have seen an increase of 35% in their salaries, while those aged between 22 and 29 have only seen a boost of 28%, compared to an average rise of 41% for all workers.
Older employees have seen better wage increases with those aged between 30 and 39 getting a 47% rise and those aged between 50 and 59 a 59% hike.
"Our young people are already facing a toxic combination of increasing unemployment, high tuition fees and inadequate government support for those people out of work.
"Now we discover they are at a hugely increased risk of being long-term unemployed and are losing out in the wage stakes as well," says Brendan Barber, TUC general secretary.
"Now is certainly not the time to be young in the UK, with figures showing more than one million people under 24 are unable to find work and the pay of those in work lagging well behind inflation," he adds.
An increase in the general level of prices that persists over a period of time. The inflation rate is a measure of the average change over a period, usually 12 months. If inflation is up 4%, this means the price of products and services is 4% higher than a year earlier, requiring we spend and extra 4% to buy the same things we bought 12 months ago and that any savings and investments must generate 4% (after any taxes) to keep pace with inflation. Since 2003, the Bank of England has used the consumer prices index (CPI) as its official measure of inflation (see also retail prices index).