Next CEO warns youth unemployment as job applicants rise

The chief executive of retail giant Next has warned of a crisis in youth unemployment driven by a dramatic fall in entry-level job opportunities across the UK economy. Simon Wolfson said the number of applicants for each vacancy in the company's stores has nearly doubled in the past two years, a trend he described as indicative of a broader challenge for young people seeking work.

Official figures show nearly one in six people aged 16 to 24 were out of work in the first three months of 2026, the highest level since 2015. Retail and hospitality sectors have been particularly affected, experiencing some of the largest recent declines in payroll numbers and vacancies.

In an interview, Wolfson said his company received 10 applicants for every shop vacancy two years ago, a figure that has now risen to 19. He attributed the shrinking number of opportunities to increased labour costs from recent rises in national insurance and the national minimum wage, coupled with slow economic growth. While he argued these cost pressures need to be reversed, he stated that broader economic growth is the more critical factor. "If you've got fewer jobs, then the people who suffer the most are those...