Prime Minister pledges to create 20,000 more Apprenticeships

In the first economic speech since the Spring Budget, Rishi Sunak announced that he would create up to 20,000 more Apprenticeships by implementing reforms such as fully funded training for young people and removing the current red tape for small businesses.

He went into more detail about the reform, revealing £60 million in new investments and slashing regulatory burden through Brexit freedoms, which is expected to save around £150 million per year for thousands of small businesses across the UK.

The Government has committed to fully fund Apprenticeships in small businesses from the 1^st April 2024 for anyone up to the age of 21. This funding is expected to remove the need for small employers to meet some of the training costs and fill the skills shortages in specific areas.

From the start of April 2024, the Government will also increase the amount of funding that employers who are paying the Apprenticeship levy can pass onto other businesses, which could mean even more support for small businesses.

If you’re an employer who has roles to fill, skill shortages to address or just want to future-proof your talent pool, contact us today to discuss the benefits of having an Apprentice and how you can access the levy funding by clicking here.

Information sourced from:

https://www.gov.uk/government/news/prime-minister-to-announce-major-reform-package-to-boost-apprenticeships-and-cut-red-tape-for-thousands-of-small-businesses 

https://www.bbc.co.uk/news/uk-68592905