The Prime Minister has revealed a set of major reforms at the Business Connect conference in Warwickshire to help businesses, particularly small ones, by offering more apprenticeship opportunities and cutting unnecessary bureaucracy.
From 1 April, the Government will cover the full training costs of apprenticeships for individuals up to 21-years-old in small businesses, making it easier and cheaper for these businesses to offer more apprenticeships.
This initiative is supported by £60 million of new funding for the next year to ensure sufficient apprenticeship funding is available.
Additionally, from April, large businesses paying the apprenticeship levy will be able to transfer up to 50% of their unused levy funds to other businesses, doubling the current limit of 25%.
This change aims to help small and medium-sized enterprises (SMEs) afford more apprentices by sharing resources, which will benefit both employers and young people across various sectors.
530 large employers have already pledged to transfer over £35.39m to support apprenticeships in smaller businesses. These efforts are part of the Government's broader plan to strengthen the economy and offer young people the skills needed for success, contributing to the creation of up to 20,000 more apprenticeships.
Prime Minister Rishi Sunak said:
"Taken together, these measures will unlock a tidal wave of opportunity and make a real difference to businesses and entrepreneurs across the country."
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