Spring Forecast

Sarah Olney Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Sarah Olney (Richmond Park) (LD)]

In the three months to December, unemployment reached 5.2%, the highest rate for nearly five years, and youth unemployment has hit a staggering 16%. Training, hiring and retaining a skilled workforce are issues affecting businesses of all kinds across the country. The 2024 Budget added over £5 billion of employment costs on to retailers, almost half of which came from the changes to employer national insurance contributions, with the cost of employing a full-time worker in a retail job rising by 10%, and by 13% for those working part time. One in five people’s first job is in retail, so what steps are the Government taking to tackle these unaffordably high employment costs for the businesses that provide entry for young people into our job market?

[Rachel Reeves]

What the hon. Lady fails to mention is that the Office for Budget Responsibility has forecast that unemployment will come down in every year of the forecast, and will end at a lower rate than it started. It would be a bit more plausible for her to make these points if she did not oppose everything we are doing to grow the economy, whether that is constructing a third runway at Heathrow airport or building the homes that families desperately need.