Nottingham South MP, Lilian Greenwood, will vote in Parliament this week to repeat the successful bankers’ bonus tax and use the money raised to help create up to 100,000 much needed youth jobs, including over 5000 jobs in the East Midlands.
The Labour Party has tabled an amendment to the Finance Bill which would require the Tory-led Government to repeat last year’s bonus tax. Labour believes the Government is failing our young people. Youth unemployment currently stands at almost one million – that means one in five young people unable to find work.
There are thousands of young people – including many in Nottingham South - whose talents are going to waste as this Government completely fails to help them get off the dole and into work.
Of course the worldwide recession – caused by the irresponsible actions of the banks – meant youth unemployment rose sharply. But a year ago, thanks to Labour’s youth jobs programme, it was starting to fall steadily.
Yet one of the first things George Osborne did in government was to scrap Labour’s youth jobs guarantee. And so there are now more young people looking for work than when Labour left office.
That’s why the city MP is supporting the Labour amendment from Shadow Chancellor Ed Balls and Shadow Work and Pensions Secretary Liam Byrne for a £2 billion tax on bankers’ bonuses which should be used to help create up to 100,000 more jobs for young people, build more affordable homes and support small businesses.
Commenting on Labour’s campaign, Lilian Greenwood said:
“Putting young people on the dole is not just a waste of talent but a waste of money too. Failing to get Britain back to work fast enough is helping to push up the benefits bill by over £12 billion – that’s £500 for every household in Nottingham South.”
“We need to act now to stop another lost generation of young people – like in the 1980s when youth unemployment rose for four years after the recession was over.
“That’s why we need another fair tax on bank bonuses to get people off the dole and into work. It’s the best way to get the deficit down – and stop Britain’s talent going to waste. The youth jobs fund could create over 5000 jobs in our region. I will be voting for this proposal this week and I hope local MPs from other parties, will join me in voting for it too.”
People can sign up to the campaign by going to www.britainslosttalent.co.uk