Small businesses to receive a boost of £60 million in support for apprenticeships
Apprenticeships will be fully funded by the government for small businesses from 1st April by paying the full cost of training for anyone up to the age of 21, providing more opportunities for young people to kick start their careers.
This will save businesses the cost of training and time, including costs for providers such as further education colleges who currently need to source funding separately from the government and businesses.
There will also be an increase the amount of funding for employers who are paying the apprenticeship levy. Apprenticeships can currently be funded by a levy paying employer transferring up to 25% of their unused levy to a different employer.
Under the new measures, larger employers who pay the apprenticeship levy will be able to transfer up to 50% of their funds to support other businesses, including smaller firms, to take on apprentices. This will help SMEs hire more apprentices by reducing costs and enabling more employers to get the skilled workers they need while unlocking more opportunities for young people in a huge range of sectors, industries, and professions.