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Apprenticeships to deliver £3.4 billion over coming decade
March 11th, 2013 by adminApprenticeships could contribute around £3.4 billion to the UK economy by 2022, freshbusinessthinking.com reports.
To mark the start of National Apprenticeship Week, the Centre for Economics and Business Research (CEBR) looked into the financial value that apprenticeships would offer the British economy. It discovered that by 2022, apprenticeship completions would deliver productivity gains in the region of £3.4 billion.
The results were published by CEBR in its ‘Productivity Matters: The impact of apprenticeships on the UK economy’ report, in which it also outlined current trends and where this would take the apprenticeship industry over the next decade.
It claimed that by the end of the 2021-2022 financial year, some 3.8 million apprenticeship schemes will have been completed. On a per-business basis, productivity and skills boosts would provide benefits of around £214 per week. This could then manifest itself in increased profits, lower prices, better products and higher wages.
All the while, apprentices will then be able to train on the job for skills required to eventually take mechanical or electrical engineer jobs.
Commenting on the findings, secretary of state for business, Vince Cable, told otsnews.co.uk: “This research confirms the economic importance of apprenticeships and sends a clear message that they deliver for employers, individuals and the economy.
“Since 2010 we have had over a million people start an apprenticeship in the UK. But I want to see more small and medium businesses reap the benefits of apprenticeships which is why we have introduced a £1,500 incentive for SMEs who take on a young person. I hope that during National Apprenticeship Week more employers up and down the country will look to increase their skillset and productivity by taking on an apprentice.”
Author: David Howells
Apprenticeships could contribute around £3.4 billion to the UK economy by 2022, freshbusinessthinking.com reports. (more…)
