Minimum wage rise linked to fewer jobs for young people, says Bank of England rate-setter

An increase in minimum pay for younger workers has led to a rise in youth unemployment, according to Bank of England rate-setter Catherine Mann, as new data shows Britain’s jobless rate for young people has climbed above the European average. Meanwhile, the government’s new package of employment rights will put a brake on hiring, according to a new report, as businesses worry about the possible risks and costs. More than a third (37 per cent) of businesses surveyed by the Chartered Institute of Personnel and Development (CIPD) plan to reduce hiring permanent staff as a result of the measures. Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: http://www.linkedin.com/company/cityam