PRIME Minister Rishi Sunak was in Coventry earlier today to announce a new scheme to increase the number of apprenticeships across the country by 20,000.
The project, unveiled by the PM at the Business Connect conference, is also aimed at reducing regulatory burdens on small and medium-sized enterprises (SMEs).
The package – which Mr Sunak said would bolster the UK’s economic recovery and empower small businesses – includes a £60million investment to facilitate the additional apprenticeships which will target young people and small businesses.
Starting from April 1, the government will fully fund apprenticeships in small businesses, covering the entire cost of training for people up to the age of 21.
Large employers will be able to transfer up to 50 per cent of their unused levy funds to support other businesses, including SMEs, in hiring apprentices.
Mr Sunak said: “Our announcement today will make it easier for small businesses to take on apprentices by cutting red tape and cutting costs, meaning that we can create tens of thousands of new apprenticeships that will benefit young people.”
The reform package includes measures to slash regulatory burdens on SMEs, saving an estimated £150million per year.
In a bid to promote gender diversity in entrepreneurship, the Prime Minister announced the establishment of an Invest in Women Taskforce.
Co-chaired by entrepreneur Debbie Wosskow and Barclay’s Hannah Bernard, the taskforce aims to unlock private investment in female-led businesses and foster an environment conducive to female entrepreneurship.
