Latest news with #Lords'
Daily Mail
25-04-2025
- Business
- Daily Mail
Internet-obsessed and job-shy Gen Z 'refuse to work for less than £40k' as number of those out of work and education nears 1 million
Glued to their devices and unwilling to work for less than £40,000 a year, Generation Z is being shunted to the margins of society, an expert has warned. That was the message delivered to the Lords' social mobility policy committee by Graham Cowley, who works with young people who are not in employment, education or training (NEETs) in Blackpool. Cowley, who was giving evidence on the factors behind economic inactivity among young people, informed the committee of a recent conversation with a colleague who told him that 'kids [are] on the internet 24-hours a day, and they don't want to work for anything less than 40 grand'. When his remark was greeted with dismay by members of the committee, Cowley added: 'I know, I had that reaction. You may laugh, but that is the reality.' His remarks followed the publication earlier this month of research by the Learning and Work Institute that showed 13 per cent of all 16 to 24-year-olds in the UK are not in education, employment or training. That number, backed by figures published this year by the Office for National Statistics, equates to almost one million young people - the highest level since 2013. Sir Keir Starmer has said the number of inactive young Britons is a 'moral issue', with the Prime Minister warning of a 'wasted generation'. Cowley's remarks will do little to allay those concerns, particularly with the British jobs market increasingly becalmed following Rachel Reeves's budget last October, which left employers with less cash to fund pay rises and take on new staff. The Learning and Work Institute found NEET rates were significantly higher in Wales (15 per cent) and the North East (16 per cent) compared with London (9 per cent) and the South East (10 per cent). Stephen Evans, the institute's chief executive, said the number of NEETs who have never had a paid job is 'really very stark and very worrying'. 'It's not a massive surprise for 16 year-olds,' said Evans of research suggesting that 58 per cent of NEETs have never been in paid employment. 'But the fact that you've got people heading into their mid-twenties and half of them have never had a proper job is quite shocking. 'It is going to have a long-term impact on their career prospects if we don't do something quite urgently.' Cowley called for a stronger emphasis on instilling the importance of a strong work ethic at a young age. 'There's something about what's going on in the minds of these young people,' he told the committee. 'I believe if we were able to get to them earlier and imbue them with a sense of, "You need to put a shift in, to get what you want in life" then I think there's a real value in doing that.' Lord Watts countered that it was natural for young people facing the prospect of earning low incomes to feel deflated and conclude it would be 'more comfortable to stay in the house than it is to go and try and find your way through life'. As part of Labour's bid to overhaul the welfare system, Liz Kendall, the work and pensions secretary, is planning a 'Youth Guarantee' for 18- to 21-year-olds. The initiative would require mayors and local authorities to ensure young people have access to an apprenticeship, training and education opportunities or assistance with finding a job. Those who refuse to take up work and training opportunities would lose their benefits, the government has warned.
Yahoo
25-04-2025
- Politics
- Yahoo
Workless youths won't get out of bed for less than £40k, Lords told
Workless youths who are 'on the internet 24-hours a day' won't get out of bed for less than £40,000, Lords have been told. Graham Cowley, who works with young people who are not in employment, education or training (Neets) in Blackpool, said a colleague this week told him there were 'kids on the internet 24-hours a day, and they don't want to work for anything less than 40 grand'. Some on the Lords' social mobility policy committee gasped in response, prompting Mr Crowley to say: 'I know, I had that reaction. You may laugh, but that is the reality.' Mr Cowley was giving evidence as part of the committee's inquiry into why there are almost 1m 16 to 24-year-olds not working or studying. The Government is fighting to bring the number of Neets down from its highest level since 2013, when the economy was still recovering from the financial crisis, to reduce the country's ballooning benefits bill and boost the economy. Policies so far have focused on offering young people extra help to find jobs and cutting benefits to encourage people into work or study. However, Mr Cowley's comments will fuel concerns that young people have lost interest in the jobs market following the legacy of lockdowns and amid a rise in easy entertainment online. Mel Stride, the former work and pensions secretary, last year blamed pornography and video games for a surge in worklessness among young men. Most Neets are currently considered economically inactive, meaning they are not seeking employment. Official data shows that around 595,000 young people are classed as inactive, while 392,000 are unemployed but looking for work. The majority of young Neets are men, accounting for 550,000 of the 946,000 total. Mr Cowley said: 'There's something about what's going on in the minds of these young people. I believe if we were able to get to them earlier and imbue them with a sense of 'you need to put a shift in, to get what you want in life' then I think there's a real value in doing that.' Lord Watts responded by saying that young people 'are not stupid' and so if they assume they will 'earn low incomes and there's no future' then they'll likely lower their aspirations and decide 'it's more comfortable to stay in the house than it is to go and try and find your way through life'. PwC last month warned that a generation of workers were in danger of permanently drifting out of the jobs market, with economic inactivity on course to rise further. Experts have said that this rise in inactivity has been fuelled by a mental health crisis among young people who are still struggling with the aftermath of Covid. Before the general election, Labour said it stood ready to take 'the tough action necessary' to boost the career prospects of young people. It has since outlined a benefits crackdown and a 'youth guarantee' to ensure all those who are able to can access either work or training. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
25-04-2025
- Politics
- Telegraph
Workless youths won't get out of bed for less than £40k, Lords told
Workless youths who are 'on the internet 24-hours a day' won't get out of bed for less than £40,000, Lords have been told. Graham Cowley, who works with young people who are not in employment, education or training (Neets) in Blackpool, said a colleague this week told him there were 'kids on the internet 24-hours a day, and they don't want to work for anything less than 40 grand'. Some on the Lords' social mobility policy committee gasped in response, prompting Mr Crowley to say: 'I know, I had that reaction. You may laugh, but that is the reality.' Mr Cowley was giving evidence as part of the committee's inquiry into why there are almost 1m 16 to 24-year-olds not working or studying. The Government is fighting to bring the number of Neets down from its highest level since 2013, when the economy was still recovering from the financial crisis, to reduce the country's ballooning benefits bill and boost the economy. Policies so far have focused on offering young people extra help to find jobs and cutting benefits to encourage people into work or study. However, Mr Cowley's comments will fuel concerns that young people have lost interest in the jobs market following the legacy of lockdowns and amid a rise in easy entertainment online. Mel Stride, the former work and pensions secretary, last year blamed pornography and video games for a surge in worklessness among young men. Most Neets are currently considered economically inactive, meaning they are not seeking employment. Official data shows that around 595,000 young people are classed as inactive, while 392,000 are unemployed but looking for work. The majority of young Neets are men, accounting for 550,000 of the 946,000 total. Mr Cowley said: 'There's something about what's going on in the minds of these young people. I believe if we were able to get to them earlier and imbue them with a sense of 'you need to put a shift in, to get what you want in life' then I think there's a real value in doing that.' Lord Watts responded by saying that young people 'are not stupid' and so if they assume they will 'earn low incomes and there's no future' then they'll likely lower their aspirations and decide 'it's more comfortable to stay in the house than it is to go and try and find your way through life'. PwC last month warned that a generation of workers were in danger of permanently drifting out of the jobs market, with economic inactivity on course to rise further. Experts have said that this rise in inactivity has been fuelled by a mental health crisis among young people who are still struggling with the aftermath of Covid. Before the general election, Labour said it stood ready to take 'the tough action necessary' to boost the career prospects of young people. It has since outlined a benefits crackdown and a 'youth guarantee' to ensure all those who are able to can access either work or training.
The Guardian
10-03-2025
- Business
- The Guardian
Philip Hammond has made millions from 30 roles while member of Lords
The former chancellor Philip Hammond has made millions from 30 directorships and consultancy jobs while being a member of the House of Lords. He has worked for Saudi Arabia, Bahrain and Kuwait, regimes widely criticised for their human rights records. He has also been hired by a string of diverse commercial enterprises such as investment companies, technology businesses and tax advisers. He has received millions of pounds through these jobs, although the overall total is not known. The Tory started picking up clients in 2020 when he became a peer. That year Lord Hammond set up his own consultancy, Matrix Partners, which has generated pre-tax profits of at least £3m since it was established, official records show. He has been paid more than £800,000 by the three Middle Eastern governments alone. Before becoming a lord, Hammond was successively the defence secretary, the foreign secretary and the chancellor between 2011 and 2019, and in some cases he had met individuals connected to his current posts while in the government, according to official documents. One of his post-government jobs was advising the Japanese bank Nomura. While he was chancellor, he formally met Nomura's senior executives at the British ambassador's Tokyo residence in 2019 to discuss official business. The Guardian's Lords debate project has raised questions about the appropriateness of peers acting as consultants while also voting on government legislation. The House of Commons rules were tightened last year after a series of scandals, and MPs are banned from taking on any form of consultancy that involves providing political advice. But House of Lords rules do allow peers to take consultancy roles. Democracy campaigners argue that at the very least this risks a perception that peers can benefit from their position. Hammond, 69, said: 'I have a diverse portfolio of outside interests, none of which is related to my membership of the House of Lords.' He said the Lords had rigorous rules to prevent potential abuses. He added: 'All my roles are fully compliant with both the letter and the spirit of the Lords' rules and guidance, and I have engaged extensively with the Lords' authorities over the years to ensure that each new role is fully compliant.' Before he became an MP in 1997, Hammond was involved in businesses including property development, and was often described as one of the richest MPs in the Commons. In the five years since entering the Lords, Hammond has voted regularly but spoken only three times. The last time he spoke was in August 2021. During that time he has been rebuked by a Whitehall watchdog for contacting a senior civil servant on behalf of a bank he was paid to advise, as his actions were judged to be 'not acceptable'. The watchdog, the Advisory Committee on Business Appointments (Acoba), ruled in 2021 that it had been an 'unwise step' for Hammond to have contacted a senior Treasury official about a project developed by OakNorth bank. Hammond said he had acted correctly as the bank was offering to help the UK government for free during the Covid crisis, and therefore would not have obtained any financial benefit. Hammond is the chair of a crypto startup, Copper Technologies, in which he has a small shareholding that at one point was notionally valued at £15m. Whitehall documents show Hammond was involved in setting up a meeting between Copper's chief executive and a Treasury minister in 2021. Hammond told the Financial Times that his actions did not amount to lobbying as he did not facilitate Copper's meeting with the minister. The House of Lords rules require peers to declare all roles they hold, to avoid any actual or perceived conflicts of interest. However, they do not have to state how much they are paid for this work. There is one exception to this rule: peers are required to declare how much they are paid if receiving money from foreign governments. As a result, Hammond has declared payments of £503,000 from the Saudi Arabian government for advising on economic issues. He had regular contact with Saudi ministers while in government. He was paid £288,000 by Bahrain's ruling regime for advising on fiscal issues, and the Kuwait Investment Office, which handles the country's government-owned investments, has paid him £31,250. Other clients have included the insurance company Mitsui Sumitomo, the specialist tax advisers RCK Partners, and Arora, a hotel and property business. Some of his advisory posts are unpaid but he holds shares in the companies. As well as Copper Technologies, the former chancellor is chair of three other businesses: Innovo, a property company that operates in the UK, the United Arab Emirates and Egypt, among other countries; the fintech company Embedded Finance; and Municipal Partners, a non-profit that provides affordable housing.
The Guardian
10-03-2025
- Politics
- The Guardian
Foreign states including repressive regimes pay peers over £3m in two years
Members of the House of Lords have been paid more than £3m in the last two years by foreign governments including repressive Middle Eastern regimes. Many of the states paying peers have human rights records that have been highly criticised, such as Saudi Arabia, Bahrain, Kuwait, Qatar, Kazakhstan and Azerbaijan. In total, 27 peers have been paid by foreign states for services including consultancy and legal advice. They include Philip Hammond, the former chancellor and foreign secretary, who has declared payments totalling £816,000 during the last two years from Saudi Arabia, Bahrain and Kuwait. The findings have drawn criticism from campaigners who say peers should not be working for any state whose 'priorities or values on issues such as human rights are at odds with the UK's'. There are no restrictions under the House of Lords rules on members taking up such consultancies, provided they declare who they are working for and how much they are being paid. In general, peers are not required to register the fees they receive for their consultancies and directorships. But in 2021 the Lords tweaked the rules and since then peers have had to declare how much they are paid if they are receiving money from foreign governments or institutions that are, or even appear to be, controlled by foreign states. This tightening of the rules followed worries that overseas governments, particularly Russia, were meddling in British democratic processes. The Lords authorities warn peers to be 'especially cautious when coming into contact with representatives of corrupt or repressive regimes'. Tom Brake, the director of the reform group Unlock Democracy, said: 'There should never be any doubt that a UK legislator's top priority is to defend UK interests. But UK politicians, paid by foreign states, will crash into unavoidable conflicts of interest, where their loyalties will be tested. 'To avoid any such risk, they could do worse than follow a self-denying ordinance and avoid working for any foreign state, particularly those whose priorities or values on issues such as human rights are at odds with the UK's.' The analysis is part of the Lords debate, a Guardian investigation into members of the Lords, at a time when the Labour government has made moves to raise standards and reduce the size of the upper chamber. Lord Hammond, the peer who has received the most money from overseas governments, said: 'I have a diverse portfolio of outside interests, none of which is related to my membership of the House of Lords.' He emphasised there were 'rigorous' rules that he closely followed and added: 'All my roles are fully compliant with both the letter and the spirit of the Lords' rules and guidance, and I have engaged extensively with the Lords' authorities over the years to ensure that each new role is fully compliant.' Fourteen peers have received payments from five authoritarian Middle Eastern regimes, including five peers who were paid nearly £700,000 by Bahrain. Gerry Grimstone, who was the minister of state for investment in Boris Johnson's government, was paid £150,000 to advise the Bahraini regime on its 'modernisation and reform efforts'. He works through a consultancy, Equilibrium Global. Before his two-year stint in the government, he had been a banker for many years, with jobs in the Middle East. When he took on the Bahrain post last year, Lord Grimstone said he saw the role as 'restarting my private sector career after a period of unpaid public service, and returning to a part of the world which I know well and where I believe I have been highly respected for many years'. Qatar, another Middle Eastern state with a poor human rights record, paid at least £100,000 over the last two years to Alex Carlile, the former independent reviewer of terrorism legislation. The peer has a consultancy with John Scarlett, the former head of Britain's spying agency MI6, providing advice on UK foreign and public policy. Lord Carlile told the Lords that he 'takes no part in any parliamentary proceedings relating to any client'. Peers who were paid by states in other parts of the world included Archie Hamilton, a former defence minister. He receives £60,000 a year as a director of FM Capital Partners, a UK investment company controlled by the Libyan government. It manages frozen assets that are under British sanctions and therefore needs to apply for official licences to operate in some cases. Hamilton is paid an extra £1,000 for every board meeting he attends. Mark Sedwill, a former cabinet secretary and national security adviser, has been paid at least £100,000 a year for advising Temasek, an investment fund owned by the Singapore government. Five peers who work as barristers have received payments from foreign regimes. David Pannick, a well-known barrister, has given legal advice to the Bahamas, and in the past has advised the Cayman Islands, a tax haven. Asked whether he thought this was appropriate, Lord Pannick said: 'It depends on what the peer is paid for. In my opinion, there can be no objection to a member of the House of Lords who is a lawyer advising and representing clients, including foreign governments, on legal issues provided that – as the code of conduct now requires – that interest is declared in the register.' Peter Goldsmith, the attorney general in Tony Blair's administration, was paid just over £95,000 in the last two years for legal work for the governments of Azerbaijan, Israel and South Korea. Grimstone, Carlile, Hamilton and Goldsmith declined to comment.
