The economy needs contractors and other entrepreneurs if it is to grow and compete globally, one expert has maintained.

John May, chief executive of Young Enterprise, has said that young people must be encouraged to go into the sector if the next generation is to help drive growth and job creation.

"At a time of soaring youth unemployment, the UK economy urgently needs young people to have the enterprising skills and attitudes to become tomorrow’s entrepreneurs, business leaders and enterprising employees," he elaborated.

Mr May explained that Young Enterprise is working on behalf of British business as well as young people to help the economy to flourish.

This comes after the University College London announced it is to develop a "StartUp Summer" scheme in order to encourage student entrepreneurs.

The scheme is designed to help students develop their ideas into start-up businesses through access to university resources, a project budget and contact with entrepreneur mentors.