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Hammond announces additional funding for workplace training

Chancellor of the Exchequer Phillip Hammond has pledged extra support for a range of training and skills initiatives.

During his speech at the Conservative Party Conference on October 1, the Chancellor spoke mainly about the change to the apprenticeship levy. He said:

“We listen to business and we have listened and we’ve heard the concerns about how the apprenticeship levy is working. So, today we’ve set out a series of measures to allow firms more flexibility in how the levy is spent.”

It is now possible for a company to share up to 25% of their levy with other businesses in their supply chain. Previously, the limit was 10%. Having access to a larger pool of cash will make it viable for more small firms to take on additional apprentices.

On the same day, other changes to skills training funding were laid out, on the Gov.uk website. This includes £20m to set up and run networks, which will help small businesses to learn from larger firms. Mentors from numerous global companies have already agreed to take part in the scheme.

The Chancellor also pledged £100m to fund the National Retraining Scheme. This enables employers to upskill their existing workforce.

Several other smaller and regional schemes will also receive additional funding.

Naturally, SMEs and their accountants from Chester to Edinburgh are working to find out how they can benefit from this additional funding. They are gaining a better understanding of the criteria they need to meet and preparing the necessary financial reports to prove that they qualify to take part in these schemes.

Posted by Peter
October 9, 2018
Small Business

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