The cost to hire entry-level workers has jumped by 7% thanks to Reeves’ successive minimum wage hikes in her two budgets, according to the National Institute of Economic and Social Research. No wonder the youth unemployment rate has risen to 15.9%…
The NIESR notes:
“Evidence across industries shows a clear relationship between exposure to the NLW and rising unemployment, with larger increases in unemployment in lower-paid sectors such as accommodation and food services. Higher labour costs have led firms to slow hiring rather than shed existing workers.”
Despite Starmer’s promise to “get Britain working”, the paper also expects the unemployment rate to hit 5.4% this year. Meanwhile, accounting firm EY expects GDP would rise to a measly 0.9% in 2026, slower than the 1.4% recorded last year. And this is before the full blow of Labour’s (un)Employment Rights Bill kicks in…
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