Apprenticeships could be Key in Improving Britain’s GDP
December 16, 2014
The value of job-related training is becoming more evident in across a range of industries and the National Audit Office has estimated that the economy gains £18 for every £1 of public funding towards apprenticeships.
A recent report suggests that by increasing the number of apprentices to those in Australia and Germany would improve Britain’s GDP by £4bn a year.
Apprenticeships have been a backbone for the construction and automotive industries, but in many vocational areas they are only now starting to gather pace. According to a Federation of Small Businesses (FSB) survey, almost half of businesses claimed an apprentice would never be suitable for their business, but, in fact, in areas of technology and finance, for example, apprenticeships are now opening up in popularity.
With many businesses struggling to fill vacancies, companies certainly have a valuable role to play in supporting the youth employment agenda.
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