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 particularly 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 individuals 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: “Today is about celebrating the incredible success of our small businesses, but particularly the ones that are here in the West Midlands.
“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.
“It proves as evidence that our plan for the economy is working and if we stick to it there will be a brighter future for everyone.”
The reform package includes measures to slash unnecessary regulatory burdens on SMEs, saving an estimated £150million per year.
Mr Sunak said the government remained steadfast in its mission to create an enabling environment for businesses to thrive, from tax cuts to financial support schemes.
He added: “I am not interested in Westminster politics, it does’t matter.
“What matters is the future of our country.
“Today is a good example of our plan working and delivering for people.
“We are cutting taxes for everyone in work of around £900, state pension is going up by £900 in just a few weeks and we are in the midst of the biggest roll-out of free childcare.
“Today, what we are doing is making it easier for small businesses to take on young apprentices.”
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.
