East of England Labour

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Tory-led Government decision not to support Labour's bank bonus plan risks creating another lost generation

Ed Balls MP, Labour's Shadow Chancellor and East of England Champion this week criticised the Conservative-led Government and Conservative and Liberal Democrat MPs in the East of England for voting against measures which would have repeated last year’s successful bankers’ bonus tax and used the money raised to help create much needed jobs for young people in the region.

Young people are being let down by the Conservative-led Government.  Youth unemployment currently stands at almost one million – that means one in five young people are unable to find work.

To help deal with this serious problem, the Labour Party tabled an amendment to the Finance Bill which would require the Tory-led Government to repeat last year’s bankers' bonus tax and use the £2 billion raised to help create up to 100,000 more jobs for young people, build more affordable homes and support small businesses. But Conservative and Liberal Democrat MPs refused to back it – just another way in which this Government is failing our young people.

There are thousands of young people, including many in the East of England, whose talents are going to waste.  The Government continues to fail to understand that getting people off the dole and into work is the best way to get the deficit down.  Yesterday’s measure would have been a key step in a more balanced deficit reduction plan that puts jobs and growth first.

Ed Balls MP, Labour's Shadow Chancellor and East of England Champion, commenting on yesterday's vote, said:
 
“Given the problem of youth unemployment in this country, it is astounding that Conservative and Liberal Democrat MPs failed to vote for Labour’s sensible amendment yesterday.

“One of the first things this Tory-led Government did last year was scrap Labour’s successful Future Jobs Fund for young people.  And now their decision not to support Labour’s bank bonus plan risks creating another lost generation of young people.

“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 the East of England."

People can sign up to the campaign by going to www.britainslosttalent.co.uk.