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Bill Kruse's avatar

Perhaps we should pay greater heed to Lord Wolfson of Next (sounds very GOT, no? :-)) "Lord Wolfson said the clothing and homeware chain, where he has been chief executive since 2001, typically received 10 applications for every job in its shops in 2024 but that number has now risen to 19.

“That doubling of applicants for shop jobs is indicative of just how big the crisis is in youth unemployment at the moment,” he told the BBC." https://www.theguardian.com/business/2026/may/26/next-boss-entry-level-jobs-lord-wolfson-youth-unemployment

The figures suggest many are keen to get started in the world of work but the world of work itself is no longer providing access. As Wolfson himself observes, via the Guardian, "Traditionally, young people often get their first week experience at a shop stacking shelves or serving drink and food in a restaurant, cafe or pub. Wolfson said, because of the cost increases, Next had fewer staff in individual shops, while its online business was thriving." So increasingly any scenario where you once had a whole lot of people employed in retail is being replaced by a scenario where you have a handful of people employed in warehouses. They too, together with the delivery drivers, will soon be replaced by robots & AI.

While the usual suspects (Milburn, Whately) are, like hamsters despairingly running in their wheel, still hopelessly trying to appease their corporate masters by pretending reducing social security will make all well by forcing people into employment (which can't happen as that work increasingly doesn't exist anymore), the real issue looms inescapably before us, affecting workers & bosses alike; how are people who traditionally earn as part of the manufacturing/retail process going to earn money to buy things when those processes are all automated so there's no work?

It seems to me we're going to need a lot more social security, not less of it.

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