CYP Now - Cutting youth NEET rate could save UK £38bn, research finds

The UK economy could be boosted by £38bn through improving the employment and training prospects of young people, according to economists.

Improving access to employment and training for young people could boost the economy, according to researchers. Picture: Adobe Stock

A study into youth employment across Europe has found that if the UK could cut the current rate of 20- to 24-year-olds not in education, employment or training (NEET) by five percentage points it would create a £38bn a year increase in gross domestic product (GDP).

This would see the UK equal Germany, which has the third lowest NEET rate among 20- to 24-year-olds among 38 developed countries.

The UK is currently ranked 18^th out of 38 developed countries in terms of youth employment.

The research has been carried out by PwC and Youth Futures Foundation and found that the UK has improved over the last two years among the 38 OECD (Organisation for Economic Co-operation and Development) countries looked at.

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