The Current Downward Trend Of The United Kingdom Essay
There are many “scarring effects” from being unemployed while young; such effects will have negative personal and, in an aggregate sense, societal implications for decades. These include higher chances for future unemployment, unrealized potential, and lower paying jobs in the future where employment is found and future mental health issues as well as a myriad of other problems (McQuaid, 2014). After the 2008 global financial crisis there was a sharp rise in youth unemployment around the world, and understandably so (Fig 1). In cutting costs for many business, the young and inexperienced workers were more often than not the first to be made redundant. Businesses who were still able to hire new workers opted for more seasoned and thus older professionals.
State of Youth Unemployment in the UK
The United Kingdom is currently experiencing a steady decrease in youth unemployment. The current downward trend can be ascribed to the natural recovery experienced by the UK economy after the global financial crisis. Examining the years preceding 2008 however, it can be observed that there was already much room for improvement with regards to youth unemployment, with the previous decade varying between 11.3% and 14.7%. (Fig.2)
As of February 2015, the youth unemployment rate was at its worst for over 20 years when compared to the overall unemployment rate (Boffey, 2015). A recent report by the UK House of Commons Library put over 600,000 youth out of work with…