Changes to apprenticeship levy: Chancellor announcement
The Conservative party conference 2018 saw a range of announcements, including continued fuel duty freeze, funding for social housing and a new 'cancer strategy'. However, it was Philip Hammond who announced another change to the apprenticeship levy.
In an attempt to increase and improve workplace training, the chancellor has declared large employers will be able to hand up to 25% of apprenticeship levy funds to their supply chain from April 2019. This is a significant change from the current policy where businesses can only pass on 10% of their levy funds.
£125m of new funding
The Conservatives also pledged to expand the range of courses available in response to the increased number of people assessing courses in STEM subjects, transport, and healthcare. This will be achieved through the promise of investing £125m of new funding into jobs and apprenticeships.
The government claim the apprenticeship levy has proved successful, with the latest figures suggesting 1.41 million apprenticeships having been started since May 2015. Furthermore, the amount of starts reported in the first three quarters of 2017/18 (118,500) were more than ten-times higher than the same period the previous year.
Released On 15th Oct 2018