by Mark Corney
The pressure on the Chancellor to deliver a ‘budget for growth’ is matched only by the need to craft a ‘budget for young people’.
Across the UK, 731,000 16-24 year olds are unemployed and ‘not in full-time education’. Another 713,000 are economically inactive and ‘not in full-time education’.
Compared to the autumn statement the fiscal outlook for the March budget is more positive. The deficit for 2012/13 could be £3bn lower than predicted.
Decisions to tax ‘wealth’ instead of’ income’ could also be good news for young people. For instance, ending higher rate tax relief to private pension contributions could save £7bn per year.