New research shows apprenticeships generate approximately £40 for each pound of British government investment.
Further education participants generate an additional £75bn for the UK economy over their lifetimes, new research shows. The study, commissioned by the Department for Business, Innovation and Skills examined the economic value generated by British government funded post-19 qualifications – including apprenticeships and NVQs.
According to the research, an apprenticeship is found to add the most value on average, compared to other learning streams. The return on investment for apprenticeships works out at around £40 for each £1 of British government funding, when taken as an individual’s first qualification at that level.
“Further education is the unheralded triumph of our education system,” says John Hayes, Minister for Further Education, Skills and Lifelong Learning. “This research illustrates just how important it is to this country - our economy, society and individuals’ lives.
“That is why we are funding an unprecedented number of apprenticeships and freeing colleges from unnecessary burdens,” he continues. “We are also helping employers, colleges and training providers to work together to boost skills through the £50m Growth and Innovation Fund.”