Failures on young black unemployment

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 11 September 2021

⏱️ 26 minutes

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Summary

Thieves are going after the millions of pounds being handed over to people reaching the age of 18 from their Government-sponsored Child Trust Funds. Why are there not more effective, targeted fraud warnings?

The unemployment rate among young black people during the pandemic was more than three times higher than the rate for white people of the same age. This week the Government was grilled over what's been described as a 'shocking inequality'.

And mortgage interest rates hit record lows with more than 120 offers below 1% but only those with equity or savings already can get them.

Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Anita Langary Production co-ordinator: Janet Staples Producer: Alex Lewis Editor: Emma Rippon

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for
0:21.7	Lucan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman. This is
0:27.8	the Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello, welcome to this Moneybox podcast.
0:39.0	Unemployment rates among young black people are three times higher than those for white people of the same age.
0:44.6	MPs call on the government to look into what they call this shocking inequality.
0:49.4	And mortgages have never been so cheap for some.
0:52.8	But first, every month, 55,000 young people become adults,
0:57.0	and on their 18th birthday, they now get access to hundreds, sometimes thousands of pounds
1:02.3	in their government-backed child trust fund. Set up in 2002, more than 6 million accounts were
1:09.0	opened before the scheme was closed in 2011.
1:11.8	The first matured a year ago.
1:14.0	It's great news for those young adults, but there is evidence that thieves are now going after this money.
1:20.0	One of those who was targeted is 18-year-old Rudy D'Souza,
1:23.3	who had £700 of his Child Trust Fund stolen last week.
1:28.2	Rudi O'Souza, what happened?
1:30.0	So essentially, I'm going to call from a number,
1:34.8	and they said that they were Santander,
1:37.4	and they explained to me that my accountant being compromised,
	...

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