Govt announces new funding for skills

Date: 21st November 2011

A number of small businesses operating in various UK industries are set to benefit from recently-announced new government investment.

The coalition has revealed a £250 million fund to help businesses design, develop and purchase vocational training programmes.

Prime minister David Cameron said the move is aimed at boosting economic growth and ensuring that the UK workforce has the skills required to help firms expand.

"We are seeing an incredible take up of apprenticeship places. I want that to continue, which is why we are taking action to make it easier to take on apprentices, and now we are giving employers the power to take control of the training so that it best meets the skills they need," Mr Cameron commented.

"I hope this radical new approach will encourage even more employers to take on apprentices and ensure that the UK workforce has the skills we need to boost growth."

Meanwhile, Bank of England figures recently revealed that the UK's top four banks have seen the amount of money lent to small firms under Project Merlin decline in the last three months.

Posted by Jacob Williams