Apprenticeships, skills and training are central to the UK’s economic recovery efforts – this was a theme emerging from the Government’s 2021 Budget announcement on 3rd March.
The Chancellor outlined plans to extend the existing government incentives for businesses taking on a young apprentice. This scheme, which has now been extended until September is offering businesses up to £4000 for taking on an apprentice.
In addition the cash incentive has been expanded to include adult apprentices too. It means that for any business taking on a new apprentice between now and the end of September, the business will receive a cash payment of £3000, per apprentice, and this is on top of the existing incentives including the £1000 young apprentice payment already in place.
In his address Rishi Sunak also announced a ‘Help to Grow’ scheme for SMEs aiming to upskill 30,000 small and medium-sized enterprises over three years. This new management development programme will bring together training providers and businesses to combine curriculum delivered through business schools with practical case studies and mentoring.
Other notable skills initiatives included a £126m boost for traineeships and high quality work placements and an additional £7m for a new ‘portable apprenticeship scheme’, expected to start next year to benefit sectors such as the media and creative industries where apprentices can work across projects with different employers.
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