Next boss Wolfson warns of ‘crisis is in youth unemployment’

Two years ago, there would typically have been 10 applicants for every job in Next’s stores but that has risen to 19, Wolfson told the BBC.

He said: “That doubling of applicants for shop jobs is indicative of just how big the crisis is in youth unemployment at the moment.” 

Wolfson spoke out as concern rises widely about the high rate of unemployment among young people, and as retailers shoulder higher employment costs.

He believes that the government should roll back the increase in National Insurance employers must pay, as well as the minimum wage rises. He also cautioned that a ban on so-called zero-hours contracts scheduled to come into place next year would make it more difficult to hire people.

“Youth unemployment is really a symptom of wider problems with employment in the economy, and of course, if you’ve got fewer jobs, the people who suffer most are the people with the least experience and that is the youngest,” Wolfson stated.

Approximately 16% of 16 to 24-year-olds are unemployed. That is the highest since 2014, and more than three times the general unemployment rate of 5%.

A Treasury spokesperson maintained that upping the national minimum wage raised pay for about 200,000 young people, and said that National Insurance contributions were lower when hiring people aged under 21. They said a  £2.5bn youth employment support scheme would “deliver a million opportunities across the country”.