Day 5: Economic growth and youth prospects by region
A dilemma that the majority of newly graduated young people will face is whether to move to London. In the interview below, Hannah reminds us how much geography matters when it comes to job prospects after university.
This isn’t because the rest of England has nothing to offer in terms of culture, entertainment or a dynamic lifestyle, it does - it’s a question of job opportunities and economic growth. This is also reflected in the statistics with London having the highest graduate retention in the whole of England with the East Midlands being the lowest.
Research published in July 2015 by the TUC showed that London is outperforming other parts of the UK – with economic recovery weakest in the North West and Northern Ireland. London when compared to the UK rate of economic growth as a whole grew 163% as fast with Northern Ireland and the North West at just 49% and 51%.
Hannah, amongst her concerns for housing and employment brought up climate change as something that is just as pressing. Meanwhile, Theresa May has closed the Department for Energy and Climate Change, moving some of its responsibilities to Department for Business, Energy & Industrial Strategy. Many interpret this as an act of de-prioritisation.
Luckily, there is a way we can solve the regional imbalance while addressing environmental sustainability. The Green New Deal is an idea that has been around for a while, essentially it demands that we re-purpose the banking system and monetary policy through green quantitative easing to invest in a low-carbon makeover of the UK economy, create skilled jobs across the country and increase energy security.
Young people like Hannah aren’t just facing a difficult job market and lower wages – they know they will be the generation dealing with climate change. We need the politicians with the political will to implement the change they need.