Last week we learnt that the number of young people in Britain who are out of work hit one million. Our country has not faced youth unemployment on this scale since records began.

Our city has been hit particularly hard. The number of 18 to 24-year-olds claiming Jobseeker's Allowance in Leicester has risen by almost 20 per cent over the past year.

My constituency, Leicester West, is now in the top 10 per cent of constituencies in the country for youth unemployment.

Not only are more young people than ever out of work, they are staying out of work for longer. The number of young people who have been unemployed for more than six months has gone up a staggering 83 per cent since January.

These figures show the Government's economic policy isn't working, but it is hurting.

Unless we change course, we risk seeing a "lost generation" of young people, like we did in the 1980s.

Youth unemployment, particularly if it is long-term, can have a devastating impact.

Being unemployed when you're young doesn't just ruin the best years of your life, it often ruins the rest of your life.

People who are out of work when they are young are more likely to have lower wages, poor health and low self-esteem when they get older.

And unemployment costs us all more in the long run.

More people out of work is pushing up benefit bills. The result is that, far from getting the deficit down, the Government is borrowing £46 million more than it originally planned. But there is an alternative to this Government's failing economic policy.

Labour's five-point plan for jobs and growth would help get our economy going again.

First, Labour would repeat the bank bonus tax, raising £2bn to fund 100,000 jobs for young people, which they would be required to take up, and build 25,000 new homes.

This would help 5,500 young people in the East Midlands get back into work.

Second, we would reverse January's damaging VAT rise now, for a temporary period.

This would give a £450 boost to a couple with children, providing immediate help to our high streets and struggling families.

Third, we would bring forward long-term investment projects, in schools, roads and transport, to get people back to work and strengthen our economy for the future.

Fourth, we would make a one-year cut in VAT to five per cent on home improvements and repairs, to help homeowners and small businesses.

Finally, we would give a one-year national insurance tax break for every small firm which takes on extra workers to help small businesses grow and create jobs.

One million young people out of work is one million reasons for the Government to change course on the economy.

It has failed to deliver a credible growth plan and young people in my constituency are paying a high price for their mistake.

Next week the Government makes its Pre-Budget Statement.

David Cameron should start listening, change course and take action to get our economy going again.