£5.1 billion policy would create only 38,000 youth jobs, Resolution Foundation finds

Scrapping National Insurance for under-25 workers would cost the UK Treasury £5.1 billion annually while generating just 38,000 jobs, according to the Resolution Foundation's 28 June 2026 analysis. That £134,000-per-job cost compares poorly to targeted wage subsidies. A blanket exemption transfers value to employers who would hire young workers anyway, wasting fiscal resources on deadweight rather than additionality.