£1bn Youth Contract scheme to target rising NEETs
Deputy Prime Minister Nick Clegg has announced a £1bn Youth Contract scheme that will grant businesses £2,275 in subsidies to employ 160,000 young people for six months, over three years.
The announcement comes as statistics published yesterday revealed the number of people classified as NEET has hit a record high of 1.16 million.
According to figures published by the Department of Education, nearly one in five 16-24-year-olds were not in education, employment or training between July and September this year.
Talking to BBC Radio 4 today, Clegg said the new scheme will be financed through further government savings, which are likely to be unveiled on Tuesday when George Osborne, the chancellor, publishes his Autumn Statement.
Natalie Thornhill
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