The boss of the high street retailer Next has warned that government tax rises are fuelling a \u201ccrisis in youth unemployment\u201d, prompting ministers to hit back by citing his \u00a37 million pay packet.\u00a0<\/p>\n
Lord Wolfson of Aspley Guise<\/a>, chief executive of the FTSE 100 clothing and home chain, said a surge in applications at the retailer reflected a collapse in entry-level opportunities across retail and hospitality, as higher employment costs and sluggish growth bite into employers\u2019 ability to recruit.<\/p>\n \u201cYou can really see a dramatic fall in entry-level opportunities,\u201d he told the BBC\u2019s Big Boss Interview. \u201cIn our stores just two years ago we had 10 applicants for every single job vacancy in our shops \u2014 that\u2019s high. Today, that figure is at 19.<\/p>\n \u201cI think that doubling of applicants for shop jobs is indicative of just how big the crisis is in youth unemployment at the moment.\u201d<\/p>\n Business newsletter<\/p>\n The business editor\u2019s exclusive analysis of all the latest financial and economic news.<\/p>\n \t\t\t\t\tSign up with one click<\/p>\n Ministers rejected the criticism, pointing to Wolfson\u2019s multimillion-pound pay deal and arguing that the reforms were vital to the financial security of working people. <\/p>\n The Department\u00a0for\u00a0Business\u00a0and\u00a0Trade said: \u201cLord Wolfson\u2019s comments are neither new nor surprising. The budget allowed us to stabilise the economy and deliver support for families and businesses, and the UK is the fastest-growing economy in the G7 in the first quarter of this year.\u201d<\/p>\n A spokesman added: \u201cThe Employment Rights Act gives people the security they need in their working lives. Lord Wolfson, who earned more than \u00a37 million last year, will understand just how important our measures to make work pay are for the financial and job security of working people.\u201d<\/p>\n Youth unemployment<\/a> rose to its highest level for nearly 12 years this month, according to the Office for National Statistics.\u00a0<\/p>\n The jobless rate among those aged 18-24 stands at 14.7 per cent, a level not seen since late 2014. For the wider 16-24 age group it has risen to 16.2 per cent, the highest since early 2015.<\/p>\n