Long-term unemployed youths will be guaranteed paid work and could face being stripped of benefits if they refuse to take it up, Rachel Reeves will announce. The Chancellor will make the case for a society founded on “contribution” as she unveils plans for a “youth guarantee” aimed at driving down unemployment. “But more than that, our guarantee will ensure that any young person out of work for 18 months will be given a paid work placement. The promise, which the Chancellor will say demonstrates “Labour values in action”, will be funded from £132.5 million of dormant assets. Ms Reeves will announce new rules to prioritise British-built ships and steel, arguing that will support national security.