Exclusive: Healey looks to lower business costs of hiring Neets

Chancellor John Healey is drawing up measures to slash the cost of hiring under-25-year-olds at the Budget, City AM understands, as the government looks to tackle the crisis of youth unemployment and ease pressures facing businesses. A move to tackle the number of young people not in employment, education or training (Neets) by reducing hiring costs is likely to feature in Healey’s statement on 28 October, sources told City AM. Options could include extending reliefs on employers’ National Insurance contributions or offering a tax holiday to companies for a period of time after hiring a young person. Employers do not need to pay NICs on hires under the age of 21. Should Healey announce the plans in the Budget, the move would precede the full completion of Alan Milburn’s review into the Neets crisis, which is expected to provide a list of recommendations on reforming the welfare system and encouraging young people to take up jobs.  Business chiefs have called on Healey to t