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[UK Entry-Level Jobs "Sharply Decline," Next Owner Says Tax Policy Pushes Youth Unemployment to 14.7%] ⑴ Lord Wolfson, owner of the British retailer Next, warned that government tax policies have led to a "sharp decline" in entry-level jobs. The company received 10 applications per store last year, but that number has almost doubled to 19 now, reflecting the severity of the current youth unemployment crisis. ⑵ Data released last week by the UK Office for National Statistics showed that the unemployment rate for the 18-24 age group has risen to 14.7%, the highest level since 2014. The overall unemployment rate was 5% in the three months to March. ⑶ Wolfson attributed the lack of entry-level opportunities to the Chancellor's decision to increase employers' National Insurance contributions, a policy that will take effect in April 2025, along with a simultaneous increase in the minimum wage. He pointed out that when jobs decrease, the least experienced young people are the most affected. (4) WPI Strategy's analysis of employment data shows that since the Chancellor of the Exchequer announced a £25 billion National Insurance tax and a minimum wage increase in October 2024, the number of employees aged 34 and under has decreased by 296,000, while the number of employees aged 35 and over has increased by 18,000. (5) Retail and hospitality are typically the primary channels for young people to enter the workforce for the first time, but rising labor costs are making it difficult for businesses to create low-paying part-time jobs. Despite Next raising its full-year profit forecast to £1.2 billion and reporting a 6.2% increase in sales for the first three months, Wolfson stated that store staff numbers have decreased and the annual payroll bill has increased by £70 million. The Employment Rights Act effectively bans zero-hour contracts, further posing a challenge to the seasonal staffing needs of the retail sector.