Kingfisher boss criticises 'clunky' youth employment plan
The chief executive of B&Q-owner Kingfisher has criticised a government plan to get young people back into work as being “too clunky” and called on Chancellor, George Osborne, to help get first-time buyers onto the property ladder in next week’s Autumn Statement.
Ian Cheshire made his comments as the world’s third-largest home-improvement group posted a 6 per cent fall in profits to £257 million over the quarter to October 27, after a fall in sales in the UK and France.
Ahead of the Autumn Statement, the Kingfisher boss called for “targeted measures around employment, particularly if we could see youth employment measures starting to bite”.
The Government’s Youth Contract, which was launched in April to provide employers with an incentive to take on unemployed youngsters aged between 18 and 24, has been criticised for low take-up and Cheshire said: “The intent of the Youth Contract was clearly entirely laudable in terms of getting people back to work. The detail and the way it was structured was too clunky.
“There is a conversation to be had with the Government about how to make that resource easier to target.”
He also called on George Osborne to offer help for first and second-time property buyers next Wednesday, “because this is the part of the market that seems to have seized up”.
Although B&Q’s underlying sales fell by 4 per cent, a strong performance from its Screwfix trade format helped the UK and Ireland business grow profits by 5.7% to £59 million. Boosted by 12 new shops and growing online revenues, 252-store Screwfix grew sales by 10.9 per cent to £149 million.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
Of all the computers Apple has ever made there’s only one that Steve Jobs had to sell his car to finance
Actress sees off speculation about her face in an amazing way
Marvel has released first teaser trailer week early after it leaked online
The sound of Goodfellas mafioso Frankie Carbone demanding $250m in “damages” would be chilling enough on film, let alone in real life.
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure' for paralysis
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial – with one gunman killed inside parliament
Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali 2014: What is the festival of lights and how is it celebrated around the world?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...