How will Jeremy Corbyn of the Labour Party affect Employment?
Jeremy Corbyn would aim to banish austerity – heighten taxes for the rich and protection for people on welfare, alongside ‘corporate welfare’ tax breaks for companies. Mr Corbyn would also aim to introduce a “maximum wage” to cap the pay of top executives.
But how will this affect employment in the UK?
Jeremy Corbyn statement – ‘ Young people have particular needs and more 16 and 17 yr olds are now in education and training than at any time before, whilst many are also in apprenticeships. Also, Labour has promised that everyone aged 18–24 will be guaranteed a job, training or work experience place if they are unemployed for more than six months.’ – jeremycorbyn.org.uk
The aim to increase employment opportunities for young adults would cut government spending on unemployment whilst the increase in training and work experience opportunities could supply employers with more skilled candidates for their jobs.
However, the fundamental question to ask is, where do these jobs come from? – Higher taxing of wealthier residents in the UK could cause a rise in those within that higher socio-economic bracket to leave the country. The increased potential of the rich to vacate the country could have a severe knock on affect within the employment sector. Companies that are owned and managed by wealthy residents could subsequently be moved to another country, causing an influx in job loss.
Although some of the new policies Jeremy Corbyn would suggest bringing to the government sound appealing, we would find that some programme suggestions aren’t realistic and others could have more negative side effects than positive.