U.K. Announces GBP 1 Bln Funding To Create Jobs

Wednesday, the U.K. announced around GBP 1 billion funding to create 150,000 jobs - 100,000 for young people and 50,000 for unemployment hotspots.

At the launching of the Future Jobs Fund, Work and Pensions Secretary Yvette Cooper, Business Secretary Lord Mandelson, Children, Schools and Families Secretary Ed Balls and Communities Secretary Secretary John Denham announced the first 47,000 youth jobs supported by the fund for young people who are unable to find work or training within a year.

Cooper said, "We are determined not to lose a generation of talent as has happened in the past because of the global recession. This is why we are announcing 47,000 new jobs for young people today."

"And - with business and charities - we are launching a national call to action to our fellow employers to join us in Backing Young Britain - to give every young person a job, training place, skills or work experience."

Mandelson said, "Our national campaign to help every young person to find a job, training or work skills and experience is not just a response to the recession but an investment in our future as we build a stronger Britain."

Leaders announced that 117 bidders have been given the green light to create up to 47,000 innovative jobs for young people through the governments Future Jobs Fund. Jobs will include sports coaches, education assistants, and roles in the green and social care sectors.