A new foundation to help remove barriers to youth employment has been set up, using £90m from dormant assets.
Youth Futures Foundation will distribute £90m of dormant assets to groups that tackle youth unemployment, including public, private and voluntary sector groups.
It will focus particularly on improving employment among BME people, following the government’s Race Disparity Audit published last year, which revealed that some 10 per cent of adults from a BME background were unemployed compared to 4 per cent of adults from a white background.
Mims Davies, minister for civil society, said: “The work of the Youth Futures Foundation will be vital in helping to further tackle youth unemployment and break down any barriers preventing young people from entering the world of work.”
The foundation is in its early stages, and intends to spend the next few months developing strong governance and leadership before deciding how to allocate the fund.
The foundation will be chaired by Joe Montgomery. He said: “Young people should not be missing out on the benefits of meaningful work due to barriers that we have the power to overcome. I am excited about establishing a new organisation focused on bringing together employers, youth services and funders to address the needs of young people furthest from the employment market.”
The foundation will start to distribute its funds from the end of 2019. The work will also be supported by the National Lottery Community Fund.
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