‘Young people will be hit hardest by a British exit from the EU, according to the head of the CBI, who said there would be almost a million fewer jobs by 2020, with apprenticeships and graduate roles likely to be hit hard.
Carolyn Fairbairn said past experience told her that a third of the people hit by a slump in employment of 950,000, projected by her group in a study carried out with PWC, could be under the age of 34.
“We’ve talked to our Commonwealth partners, in India, New Zealand, Canada and South Africa. They are effectively saying they see the UK as an investment partner partly because of the cultural links, but partly because we are a gateway to Europe,” Fairbairn said.
“What they have said to a man and a woman, is that they would continue to invest in the UK, but to a much lesser extent.”
She said much of the investment went into deprived regions with high levels of youth unemployment, and that it would be “a huge problem and a sad thought” to reduce it.
“What we know from the financial crash is that young people were disproportionately affected. Employment rates barely changed [for] over 30s, but fell by 4% for under 30s. Real incomes fell two or three times as much for the under the 30s. We have history here,” she said.
“The Treasury is projecting a technical recession. In our work with PWC we believe that it is very likely there would be a recession. What kind of jobs would go? I link it back to the investment into the UK. My feeling is a lot will be in the apprenticeship field. I’d worry about apprenticeship and graduate opportunities.”’ - Guardian