More on Labour's Jobs Guarantee

* Bank bonuses are on the rise (again) and the wealthiest in our country are about to be given another tax cut by David Cameron.  But young people, who have been hit hardest by the recession, are being left behind. For tens of thousands of young people who cannot find work this is no recovery at all. Under David Cameron’s government the number of young people stuck on the dole for more than a year has doubled.

* Labour is determined to ensure that this is a recovery for the many, not just a few at the top. We cannot afford to be wasting the talents of thousands of young people and leaving them stuck on the dole for years on end. It scars their lives, weakens our economy and adds billions to the social security bill. We need to get young people and the long term unemployed off benefits and into work so we can all earn our way out of the cost of living crisis.

* The next Labour government will guarantee jobs for all young people on unemployment benefit for a year, and all adults aged 25 or over on unemployment benefit for two years. It will be a tough contract – those who can work will be required to take up the jobs on offer or lose their benefits. 

* This is a fully funded commitment, paid for by repeating Labour’s successful tax on bank bonuses at the start of the next Parliament and restricting pensions tax relief for people earning over £150,000 to the same rate as basic rate taxpayers.  After the global banking crisis and with bank bonuses soaring again this year, it’s fair to pay for our jobs plan by repeating Labour’s tax on bank bonuses.

If implemented today, Labour's guarantee would create 4,265 jobs for young people in the East Midlands alone.

It's common sense and simple fair play.  Irresponsible finance brought this country to its knees and crushed the hopes of an entire generation.  The financial sector has done nothing to put its house in order, so let's tax banker bonuses to fund jobs for young people.