Funding news - 07/02/2012
New Funding Announced for Businesses to Boost Employee Skills
The Prime Minister has announced details of new government funding sources that are now available to support businesses taking on apprentices.
The new funds have been put in place from today, enabling businesses to support apprenticeships up to degree equivalent, thereby helping to cultivate the skills needed to boost economic growth.
Businesses and training providers are being invited to bid for a share of £6 million through a new round of the Higher Apprenticeship Fund, which will support the development of thousands of new Higher Apprenticeships in sectors including aerospace, energy and renewable technologies.
The Prime Minister has also opened the bidding for the new Employer Ownership of Skills Pilot, inviting employers in England to apply for funding to support vocational training. The pilot will help businesses to secure more control over how skills training is designed and delivered. It will make up to £250 million of public investment available for successful bids over two years from August 2012. Up to £50 million in 2012/13 and up to £200 million in 2013/14 will be available.
Additionally, coinciding with this year’s National Apprenticeship Week, the Prime Minister has announced that small firms can now access a £1,500 incentive towards hiring their first young apprentices. The move is expected to support up to 40,000 new apprenticeships over the coming year.
Prime Minister David Cameron said:
"I'm delighted to underline our commitment to strengthen our economy by helping employers take on apprentices and ensure that the UK workforce has the skills that businesses need. Under this Government apprenticeship starts are increasing at a record rate, with improvements across the age range, in all sectors, throughout the country.
"By making apprenticeships a gold standard option for ambitious young people, we are sending a message that technical excellence is as highly valued as academic prowess. And by focusing investment where it is most needed to deliver sustainable growth and offering real ownership of vocational training to employers, we are equipping businesses with the skills they need to rebalance our economy and distribute opportunity more widely."
Source: BIS, 07/02/12