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Prime Minister announces major apprenticeships reforms to support small businesses

by | 19 Mar 24 | Domestic Landscaping, News

Prime Minister Rishi Sunak has today announced major reform packages to support small businesses deliver apprenticeships.

In the PM’s first economic speech since the Spring Budget, it was announced that a £60m new investment will go towards enabling up to 20,000 more apprenticeships.

With unnecessary regulatory burdens to be slashed through Brexit freedoms saving around £150m per year for thousands of small businesses.

Removing the need for small employers to cover some of the cost of training and saves time and costs for providers like further education colleges.

As of 1 April the government has pledged to fully fund apprenticeships in small businesses by paying the full cost of training for anyone up to the age of 21.

Under the new measures large employers who pay the apprenticeship levy will be able to transfer up to 50% of its funds to support other businesses, including smaller firms, enabling them to take on more apprenticeships.

These reforms will not only break down barriers but will also remove red tape for small businesses, says Prime Minister Rishi Sunak.

Education secretary Gillian Keegan adds that these new measures “will help more business and young people benefit” from apprenticeships.

More information on the Business Connect conference can be found here.

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