Is High Unemployment Looming?

[naomi24]

Yesterday brought news that thousands of steel and oil jobs are to go, and I've just discovered that back in August the Telegraph  reported that the Chancellor is said to be considering raising employers NI contributions.  Darren Jones, chief secretary to the Treasury, said “We will have to consider some tax measures at the Budget on October 30th whilst honouring that promise to the public not to increase income tax, employee National Insurance or VAT”. Previously, the Chancellor pledged to simply “not increase National Insurance”.

 

https://whymedia.com/business-news-datasource/2024/08/22/chancellor-said-to-be-eyeing-an-employers-national-insurance-hike-in-a-tax-raid-on-jobs/

 

A report from the Recruitment and Employment Confederation and consultants KPMG a few days ago warned that companies have already started holding off hiring employees.

 

More half-truths from this government - and I suspect more hardship to come for many.  This is hardly the way to encourage investment abd growth - but then Labour never did understand business or the economy.  I wouldn't trust them with a child's piggy bank!

[Old_Geezer]

"how is that unaffordability to be dealt with if the age is lowered to 55?"

 

How is that problem any different to, how is the unaffordability of loads of working age folk on the dole/welfare to be dealt with if the age isn't lowered to 55 ?

 

The point is that there are only so many job opportunities at any time, and those jobs have to generate sufficient wealth to run the country, regardless. This means there will inevitably be people out of work and needing funding from the public purse.

 

The only question/difference is, who do you expect to work and who do you pay not to.

 

Do you force the older folk, who have contributed their bit for the nation, and now find that physically & mentally things are more difficult for them than when they were at their peak, to continue working while the younger fitter citizens accept public support ?

 

Or, alternatively do you get the younger fitter folk, who have yet to fully contribute, to do their bit, their turn, while the older citizens are allowed to pass the baton on, and get what leisure time they can enjoy for what time they have remaining by paying them a well earned public pension ?

 

The raising of the retirement age has always seemed a government con, but it's unclear why they push the deception. Perhaps they simply have no heart, low morals, and a sick sense of humour.

[Old_Geezer]

"Square pegs / round holes."

Employers need to train and not expect someone else to have done that for them. Leeching off foreign nations in order to avoid putting in the necessary investment is not an ethical thing to do. The foreign nations need such people for themselves.