Responding to the latest data from the Office for National Statistics on the UK Labour Market showing that unemployment has risen to its highest rate in nearly five years and that wage growth is continuing to slow, especially in the private sector, Hampshire Chamber’s Chief Executive and Executive Chair Ross McNally said:

“It is a disgrace, but perhaps not a surprise, that unemployment among young people aged between 16 and 24 is now the highest it has been in more than ten years."

“We are at risk of seeing a lost generation, and the government must do all it can to enable employers to hire young people, whether straight into work or through apprenticeships. There should be more incentives through the business tax system to encourage employers here in Hampshire and across the country to consider taking on more young people."

“Investment isn’t just about plant and machinery - it’s about people and their future. The government needs to do much more to help small firms offset the rising costs of doing business. Businesses were hit hard by the increase in employer National Insurance contributions, and many are now facing further rises in the National Living Wage alongside higher business rates."

“Labour costs are the biggest cost pressure for businesses, cited by 72% of respondents in latest chamber of commerce research. Against this background it is unsurprising they are holding off hiring. Especially as the imminent introduction of new Employment Rights legislation adds additional complexity to the picture."

“While the forthcoming Spring Statement (3rd March) will provide a fuller update on the economic outlook, businesses are clear they want to see concrete action right now to reduce costs and help them survive and invest in creating jobs.”