Prime Minister Rishi Sunak announced a range of measures to support small and medium sized employers (SMEs). This consists of £60 million in additional investment to enable up to 20,000 more apprenticeships.
The new measures will allow larger businesses to transfer a greater proportion of unused apprenticeship levy funds to smaller businesses to make use of. SMEs are facing particularly difficult recruitment challenges, with 89% struggling to match salaries offered by bigger organisations in the UK.
Mike Worley, managing director at HIT Training, said: "I'm delighted to hear apprentices aged 21 and under will be fully funded for small employers. Small employers provide many job opportunities and can play a massive part in the growth of the economy.
“Increasing the level of funds that large levy-paying employers can transfer to other businesses from 25% to 50% will give small employers further opportunities to build a skilled workforce. These extra funds will go towards apprentice training and support individuals into meaningful and rewarding employment.
“HIT has championed extra support for small businesses since the levy was launched, and we implore the Government to extend this further by funding apprenticeships for all ages in small businesses.”
The move will help invest money into the industry while unlocking more opportunities for both young people and older workers looking to move into the hospitality industry through apprenticeships.