£2bn unused apprentice funds since 2017. Let’s use them for upskilling
Over 20% of the funds earmarked for apprentice training are being returned to the Treasury each year. Why not allow employers to invest these funds in upskilling and reskilling? Since 2017, large employers have been required to contribute 0.5% of their total annual pay bill to the apprenticeship levy – a fund for apprentice training which remains available to the paying employer for up to two years. However, research shows that up to two thirds of entitled employers are not using these funds. (1) In fact, recently released figures reveal that over £2bn raised by the levy has been returned to the Treasury since it was introduced. (2) In other words, these funds are not being used as intended to upskill the UK labour market. This presents a great opportunity. These otherwise unspent funds…
