Apprentices Contribute £34bn to UK Economy
- Last updated 03 Dec 2014
New research has found that apprentices will contribute a whopping £34 billion (yes, you read that right) to the UK economy in 2014.
The figure is made up gains from higher wages, business profits and taxes, reduction in unemployment benefits and the benefits to organisations while training apprentices.
Some clever geezer who’s good at maths has worked out that for every £1 of public money spent on apprentices, they give £21 back to the economy.
The number of people starting an apprenticeship stood at 450,000 in 2013-14, and if the upward trend continues, apprentices could contribute over £100bn to the economy by 2050.
The research also found that apprentices are in employment for longer, and will receive higher earnings.
Minister of State for Skills Nick Boles said, “apprenticeships are at the heart of the Government’s drive to equip people with the skills that employers need to grow and compete.”
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