24.11.08: The Private Equity Foundation hosts its first lecture: Skills for Success: how can we help young people in a globalised world?

Venture philanthropy fund, the Private Equity Foundation (PEF), whose mission is to help young people achieve their full potential, held its inaugural lecture on 11th November 2008. Hosted by Ashurst LLP, the evening brought together a range of stakeholders from charity, government, private equity and the policy world to prompt a lively discussion.

Key note speaker, Sir Michael Rake, highlighted an urgent need to address the shortfall in young people’s skills to enable them to compete in today’s job market. The Chairman of both BT Group and the UK Commission for Employment and Skills spoke of the possible huge damage to the economy if training was cut back during the current economic downturn and praised initiatives such as those undertaken by PEF as “spot on” if society is to avoid a tremendous waste of talent.

The need for action was made clear. In the UK:

• Five million adults are not fully literate and seven million are not fully numerate
• 42 per cent of all unemployed are under 25
• 1.2 million young adults are NEET

Sir Michael warned that the unemployable total could reach six million by 2020 and, pre-empting sceptics, asked: “Who wants to take the risk that the figure is wrong?”

However, he continued that the financial climate could offer some advantages, providing a breathing space in which to develop education. He said: “There has never been a better opportunity to look at how we can enhance skills.” The Commission for Employment and Skills is currently looking at steps to deliver immediate results, such as the dramatic simplification of the skills delivery system and the launch of a portal which will map out what services are available and how they can be accessed.

PEF’s Chief Executive, Shaks Ghosh, said: “Sir Michael has shone the spotlight on how the UK has to do more to ensure that young people develop the skills they need to succeed in today’s economy. Unfortunately our system means that they often only get one chance. It is imperative that we find ways to give them a second chance, for the sake of their own lives, for business and for society.”

Sir Michael was joined by a panel of experts, chaired by Richard Reeves, Director of think tank Demos. It included Sue Baldwin from the Department for Children, Schools and Families, Richard Wainer, Head of Education and Skills at the CBI, Andy Powell, Chief Executive of education foundation Edge and Lee McConville who, with the help of PEF portfolio charity Fairbridge, had first hand experience of the issues up for discussion.

Two years ago, Lee heard of Fairbridge through his hostel in Birmingham. In his own words, the charity’s courses and projects literally provided him with a lifeline. Future lectures are planned in line with PEF’s overall aim to tackle the problem of young people not in education, employment or training (NEET). As well as investing in relevant charities, the venture philanthropy fund is dedicated to contributing to the debate around how the issue can best be addressed. That involves funding research, working with the government as part of the City Leaders Working Group set up by Gordon Brown in 2007 and providing a forum for discussion.

For further information and images please contact Rosie Davey at rosie@privateequityfoundation.org or call 020 7749 5129 / 07827 804066