John Biggs calls for tax on bankers’ bonuses to tackle spiralling youth unemployment in Tower Hamlets

Local London Assembly member John Biggs today called for a tax on bankers’ bonuses to fund work placements for unemployed 16-24 year olds to prevent another ‘lost generation’. The call follows a 106.7 per cent rise in the number of young people out of work for over six months in Tower Hamlets.

According to January’s unemployment figures, released on Wednesday, there are now 235,177 people looking for work in London and 11,156 in Tower Hamlets. This is an increase of 9.5% and 9.7% respectively in the last year alone.

Local London Assembly member John Biggs said: “Instead of taking a hands-off approach, the government and Mayor Boris Johnson need to use all their powers to get Londoners back to work. I am calling for a tax on bankers’ bonuses to fund work placements for young people. In recessions of the 80s and 90s we saw youth unemployment sky-rocket and a lost –generation. We must do all we can to stop that happening again.”

“It was the bankers’ who got us into this mess and it is about time they paid their fair share to help our young people who are bearing the brunt of a recession they did nothing to cause. Why are ordinary people being forced to pay for others' mistakes?”

The figures published today reveal that in Tower Hamlets:

·       There are now 11,156 unemployed people looking for work

·       3,110 of them are under 24

·       1,230 have been out of work for more than six months

·       There are only 1,182 job vacancies in Tower Hamlets

Across London:

·       There are 235,177 people out of work

·       55,410 are under 24

·       16,655 have been out of work for more then six months

·     There are 32,580 job vacancies in the capital - seven jobseekers for every vacancy