Vince Cable will today set out how £11 million of Government matched funding, awarded following the first round of bids to the Growth and Innovation Fund (GIF), will enable employers to deliver more effective skills solutions through more apprenticeships, new professional standards and closer partnerships with education and training providers.
Speaking in advance of his keynote address at the WorldSkills competition in London, which celebrates the achievements of highly skilled young people, Dr Cable said:
Sustained economic recovery will depend on our ability to excel in the high tech skills that our most innovative companies need to compete in the globalised economy.
That is why this Government is committed to skilling up our workforce through work based training. By providing concentrated seed funding for employer led projects that attract further investment from business, we’re targeting money where it will be best placed to drive growth.
Skills Minister John Hayes said:
We know that business is best qualified to identify how skills can drive growth. This investment will help employers develop their own solutions to the barriers that stand in the way of opportunity.
Work is now being undertaken on the development of future rounds of GIF, which will deliver up to £50m of government investment per year. An announcement will be made later this year regarding investment for 2012.
