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‘Bank bonus tax could create 5, 500 jobs for young people in the North East’- Alex MP

Young people are paying the price for the government’s failing economic policy, with a staggering 30,000 18-24 year olds now out of work in the North East, with national youth unemployment reaching 1 million- the highest level in almost 20 years.

Since January there has been an astonishing 93% rise in young people on the dole for over six months in Alex Cunningham MP’s Stockton North constituency, and there are real fears that Stockton is seeing the scar of long term youth unemployment return to the area.

Labour’s 5 point plan for jobs and growth would help to reverse this worrying trend, with the establishment of a youth jobs fund, paid for by a tax on Banker’s bonuses, which could get 5,500 young people back into work in the North East. A one year national insurance tax break for every small firm which takes on extra workers would also be introduced to help small businesses to grow and create jobs.

Alex said:

“Today the government have been given a million reasons to change course on the economy.

“At the moment we are stuck in a vicious cycle, with more people on benefits and out of work the deficit is harder to get down. The brutal price our young people are paying for this government’s economic policy is now crystal clear. The verdict is in: this government is failing an entire generation

“Whoever the government tries to blame, the fact is Britain’s economic recovery was choked off a year ago and unemployment started rising again well before the recent Eurozone crisis. Their decision to cut too far and too fast is hurting and just not working.