Higher training costs for older workers risks plan to tackle youth jobs crisis, employers say
Source: Guardian Jobs ↗
Exclusive: Ministers planning overhaul of apprenticeship funding to increase cost of over-25s training, Guardian understands Britain’s largest employers have told the government that forcing businesses to pay more to train older workers risks damaging its goal to tackle the youth jobs crisis.
The Guardian understands ministers plan to overhaul Labour’s apprenticeship funding scheme to increase the cost of training a worker over the age of 25 in England by 25%, to encourage firms to train young peo.
⚡ Effects Interpreter
🌍World Economylow impact
What this means for you
- ▶World markets have a habit of reading between the lines of stories like this.
- ▶Markets around the world might take their cue from how this story unfolds.
🏙️Local Economylow impact
What this means for you
- ▶Apprenticeships and training schemes in the sector might be affected too.
- ▶Employers in the area might rethink their hiring plans.
🏦Rates & Bankslow impact
What this means for you
- ▶The next rate-setting meeting is a more likely trigger than this news alone.
- ▶Fixed and variable borrowers alike might want to keep half an eye on this.
❤️Healthmedium impact
What this means for you
- ▶A measured response usually serves communities better than alarm.
- ▶News like this can nibble at everyday calm more than people expect.
💷Wealthhigh impact
What this means for you
- ▶Those affected could want to top up an emergency fund and check pensions.
- ▶A household with one earner might feel this more sharply than most.
🏠Housinglow impact
What this means for you
- ▶A slow-moving market like housing rarely reacts overnight.
- ▶Anyone selling soon might want a fresh valuation once the dust settles.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.