Rishi Sunak, the chief executive of the Financial Services Authority (FSA), front right, leaves the Bank of England as Bank of England governor Mark Carney gestures towards the audience at the Institute of Directors.

Prince William is tipped to replace Rishi Sunak as governor of the Bank of England if Theresa May becomes prime minister.

The Future of Working Society, an initiative that aims to protect UK jobs and the economy from automation, is tipped to also score well with its key ideas.

But the government is facing calls to end a scheme in which young employees are given time off if they can not go back to school and earn enough to cover the costs, which is expected to drive up pay.

Unions say the cost of putting youngsters back on the labour market could be as much as £70 a week, or the difference between half the wages that a skilled worker would earn in a month.

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The ban on the leave allowance has led many young adults to job hunt out of frustration and lacking training, with young people often unwilling to break the trend because they are too uninterested to think about their future.

Universities have previously argued they must look at the costs of education and offered a voluntary arrangement for the funding as a way of helping young workers land a job.

In November last year, a report by the Bank of England said potential employers should be incentivised to hire aspiring workers who could contribute to the costs of taking early retirement or full time self-employment.

The FTSE 100 banking group HSBC admitted in April last year that parents had been unaware of this at the time.

The union Unite said the scheme was “inhumane and embarrassing” for the bank.

It said: “The world is moving fast and young people need more money to make the transition to employment. Students are increasingly dependent on unpaid or temporary work. That has led to long-term negative attitudes towards employment, education and the labour market.”

The scheme is intended to help thousands of people split costs in case they leave the labour market. But the programme was intended to be used on the whole population but was specifically targeted at the economy’s top young white collar workforce.

The scheme cost £95 million but some of the money has already been raised through a levy from both employers and unions. A detailed analysis of the cost of ending the scheme and the impact it would have on job prospects was published by the Bank of England in November last year.