Editorial: London’s thriving future depends on giving today’s youngsters a chance
This miserable year has hit all of us in different ways. The elderly have, of course, suffered most from a virus that seems to have it in for them. But the young generations are those that have been hit hardest economically.
That’s not a wild surprise – many work in hospitality, retail, and other sectors hit the hardest by lockdown restrictions. Many others were amongst the first to be laid off when the furlough scheme came to an end. As for school-leavers and university students, enough has already been said.
So does it matter? A cynic would say they’ve plenty of time to catch up. That it’s hit everybody, that nobody deserves special favours or attention, that a rising tide lifts all boats and so forth. But that ignores the reality of London’s economy and its appeal.
Read more: Young people hit hardest by lockdown
Our great capital thrives because people come here when they’re young, and from their first house-share they build their careers and their lives and enjoy a more prosperous life.
It doesn’t happen to all of them – of course – but it happens to enough. That’s why our city has been a magnet for immigrants from Coventry and the Comoros, Bolton and Bulgaria.
But if those people’s jobs disappear, if they see their life chances in the capital evaporate, they go home. They make the rational choice that London isn’t for them. And that is catastrophic for the capital.
The girl making a gin and tonic in a City pub will be buying those drinks in future as a high-flying lawyer. The young immigrant with a computer science degree will be Head of Programming at some insufferably cool fintech start-up within a few years. Even if they don’t jump behind the office desk, they might well start their own cafe, their own minicab firm, their own bar.
The capital’s economy is an ecosystem, and as in any other natural habitat, all the pieces need to fit together. Take one away and the whole thing weakens.
Take away too many of the human-sized protons and neutrons and electrons of talent that buzz about this great city, that collide with each other and spark new ideas and energy, and we risk the capital’s economic future.
So what can be done? For all the Government’s talk of levelling up, they need a catch up strategy too. Perhaps a National Insurance holiday for all those under 30. Changes to student loan interest rates to give graduates a fairer deal. Perhaps even a massive house-building programme, rather than pump-priming demand with variants of help-to-buy schemes. Other, bigger ideas should be on the table too.
London’s next generation of leaders are vulnerable. Ensuring they’re still here for our great city’s recovery must start now. Time to be bold – in City Hall and Her Majesty’s Treasury.
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