Apprenticeships contribute £34 billion to UK economy in 2014
Hywel Roberts, November 26, 2014
Higher wages, increased tax receipts and lower benefits costs are all factors in apprenticeships contributing £34 billion to the British economy in 2014, according to research by the Centre for Economics and Business Research (CEBR).
The figures also suggest that for every £1 of public money spent on apprenticeships £21 is generated for the Treasury. This includes an estimated £370 million reduction in unemployment benefits.
The number of people taking up an apprenticeship has increased from 100,000 in 1950 to more than 450,000 in 2013/14. If current trends continue, the report claims the economy could benefit by up to £50 billion from apprenticeships by 2025.
Health and social care (13%), customer service (10%) and business administration (8%) are the most popular sectors for apprenticeships.
Speaking at an event to recognise companies that have trained apprentices for 100 years, minister of state for skills and equalities Nick Boles will say that apprenticeships "have long played a key role in the workforce".
“Today apprenticeships are at the heart of the government's drive to equip people with the skills that employers need to grow and compete,” he will say.