Backed by £60 million of new Government funding for 2024-25, the Government will fund apprenticeships in small businesses from 1 April by paying the full cost of training for anyone up to the age of 21 – reducing costs and burdens for businesses and delivering more opportunities for young people to kickstart their career.
The Government is also increasing the amount of funding that large employers who are paying the Apprenticeship Levy can pass onto other businesses – from 25 per cent of their unused Levy to 50 per cent. Taken together, these measures are expected to enable up to 20,000 more apprenticeships, unlocking the opportunities our young people deserve.
This builds on the Government’s strong track record of creating a world-class apprenticeship system, with over 5.7 million people starting an apprenticeship since 2010.
Heather Wheeler OBE MP says:
“In 2022-23 there were 900 apprenticeships starts in South Derbyshire which just means more young people have gained the skills they need to secure good jobs.
“We know that we have a great area for innovation and hard work and this new Government money for apprentices in SMEs will just help this type of business, the backbone of our economy, thrive even further. We have so many quality apprenticeships locally with big businesses such as Toyota and Rolls Royce and now their supply chain of smaller business can hopefully take advantage.”
Commenting, Prime Minister Rishi Sunak said:
“Growing up in my mum’s pharmacy, I know first-hand how important small businesses are. Not just for the economy, but as a driver for innovation and aspiration, and as the key to building a society where hard work is always recognised and rewarded.
“Whether it’s breaking down barriers and red tape for small businesses, helping businesses hire more young people into apprenticeships and skilled jobs or empowering women to start up their own businesses – this government is sticking to the plan and leaving no stone unturned to make the UK the best place to do business.
“Taken together, these measures will unlock a tidal wave of opportunity and make a real difference to businesses and entrepreneurs across the country.”
Commenting, Education Secretary Gillian Keegan said:
“This Government has built a world-leading apprenticeship system from the ground-up – with apprenticeship opportunities in almost 70 per cent of all occupations across the whole country.
“Apprenticeships are a fantastic way for businesses to develop the skills they need, and for young people to access exciting career opportunities.
“Our plan to deliver a high-growth, high-skilled economy is working, with more opportunities available to young people than ever before.”
