The National Centre for Universities and Business has welcomed measures announced in chancellor Rishi Sunak's summer statement to help young people and encourage economic growth.

Chief executive of the NCUB, Dr Joe Marshall, said the Kickstart Scheme will help solve the biggest jobs crisis in a generation.

“The government has rightly acknowledged that COVID-19 has hit young people the hardest. Sunak today said that that those aged under 25 are 2.5 times as likely to work in a sector that’s been closed due to COVID. The Kickstart Scheme is therefore a welcome step to keep youth unemployment down. It is vital to avoid lasting damage to careers that are just beginning, after all they are the future talent the nation needs and will play a crucial role in our economic recovery."

Dr Marshall added: "Skilled graduates in particular are the pipeline of future talent that businesses need, and they will undoubtedly play a crucial part in our economic recovery post-COVID. A skills-led recovery is the only way to ensure that every community and all parts of the country begins to recover economically. What’s more, in the long run, successful innovation that leads to economic growth is reliant on the flow of graduates into businesses of all kinds and sizes.”

The government has set itself a target to increase R&D funding to at least 2.4% of GDP by 2027. For every £1 spent in R&D, £7 is made in economic and social benefits from helping to attract investment, boosting productivity and creating new jobs.

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