Branson tells Osborne: halve degree courses to 18 months

SHOCKED by last week's figures showing more than 1m young people are jobless, Sir Richard Branson is calling on George Osborne to prevent a "lost generation" falling into permanent unemployment.

The Virgin tycoon, who left school at 16 to seek his fortune, has a radical three-point plan: the Government should make it easier for companies to employ people part-time; university courses should be cut in half; and a new government body should be set up to help finance budding entrepreneurs.

Branson told the Independent on Sunday he would be sending this message to Osborne before the chancellor makes his Autumn Statement on 29 November.
 
"We've got to stop this high youth unemployment - there's a great danger of creating a lost generation who've never known work," said Branson. "If you want to take people off the dole then we must make it cheaper for companies to be more flexible. The Government should help companies by offsetting some of these costs. It could transfer money spent on welfare benefits to help companies employ more people."

He said his own research suggested many people would like to work part-time but were not given the chance. "Offering staff flexible options is expensive because of National Insurance, the time invested in training and other investments."

Branson wants a new government body modelled on the Student Loan Company to underwrite micro-finance for would-be business owners.

It is crucial, he believes, to find ways to allow people – especially the young – access to small amounts of money so they can start their own businesses. Young entrepreneurs have told Branson that "it’s easier to get a loan to study enterprise than to get a loan to start an actual business".

Perhaps Branson's most contentious proposal is that first degrees at universities should be halved in duration, which would mean that most would last just 18 months.

"Most students are twiddling their thumbs," he said. "Many only get one lecture a week. This is nonsense, particularly with tuition fees so high." ·