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London Chamber of Commerce and IndustryLondon Chamber of Commerce and Industry
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No Youth Investment Fund For Young Londoners

Thursday 4 May 2023

Civil Society Minister, Stuart Andrew MP, has been challenged by the London Chamber of Commerce and Industry (LCCI) as to why young Londoners were left out of the latest Youth Investment Funding allocations.

LCCI appealed to the Parliamentary Under Secretary of State for Sport, Gambling and Civil Society to address this issue as this would affect London’s young people as well as its businesses.

During the double whammy of COVID-19 pandemic and the cost-of-living crisis, too many of London’s young people suffered poverty of income as household rents shot up and access to food became difficult.

According to the Greater London Authority, over 600,000 of London's children live in poverty. Lack of youth centres in the capital means that young adults may not have access to the life-changing opportunities necessary to career growth that young adults elsewhere in the UK can receive. This is turn, will exacerbate the issue of damaging skills shortages that stunt London business growth.

Richard Burge, Chief Executive Officer at London Chamber of Commerce and Industry said:

“We urge the Government to reconsider the Youth Investment funding decision and to ensure that London receives the help it needs, along with the rest of the country, to ensure all young Londoners have the best start in life.

Whilst LCCI strongly supports the Government’s levelling up agenda, this must mean levelling up London as well. We need to support young people in our capital to achieve their full potential.

London is built on the entrepreneurialism which has enabled this city to contribute over 20% towards national GDP. We cannot be complacent. We need young Londoners to meet the skills gaps which exist in London and to be the next generation of business leaders.”

The Youth Investment Fund is a golden opportunity to end child poverty in London as it will provide the right support and opportunities to young Londoners and their families. This means supporting their wellbeing, giving them opportunities to develop vital skills for life and empowering them to be active members of their local community.

According to LCCI’s latest skills survey, two-fifths (40%) of London companies said skills shortages held back growth while 32% said it resulted in a lower turnover for their organization. Without access to the right talent, businesses are unable to operate as they would like to, which has a knock-on effect for the UK economy.

Notes To Editors:

LCCI’s latest Quarterly Skills Survey can be read here.