Firms unite to create £500,000 training boost
Some of the region's biggest firms have ploughed £500,000 into a fund aimed at boosting apprenticeship numbers.
National Express, the BBC and the Wesleyan are among businesses to contribute towards the West Midlands Combined Authority’s (WMCA) apprenticeship levy transfer fund, which aims to raise £40 million to create new jobs.
The cash pays for small and medium sized firms to take on apprenticeships, with 70 employed since its launch.
West Midlands Mayor Andy Street said the scheme’s success relies on big employers agreeing to contribute to the fund.
He praised the businesses which have got involved, adding: "The Government has agreed to give us unique powers to transfer levy funds in the region, and now we are delivering on this to super-charge apprenticeships in the West Midlands and create more job opportunities for younger people.
“We had already signed up HSBC, Lloyds and BT before today’s announcement, but this is really just the tip of the iceberg.
"In all, we hope the levy fund will collect up to £40 million to create new apprenticeships for people in the region.
“Using this approach, everybody wins – big businesses know their levy is being put to good use in the region, local people benefit from new job opportunities, and smaller businesses can consider expanding their workforce as the levy fund will cover 100 per cent of the cost of training their apprentices.”
Welcomed
Business leaders in the region have welcomed the cash injection.
CBI West Midlands regional director Richard Butler, said: “Small businesses are the backbone of our local economy in the West Midlands and the Black Country.
“By doing things differently we can help smaller employers breakdown the barriers to providing high-quality apprentices and unlock hundreds more opportunities for our young people and those who want to reskill and retrain.
“In our area we do not underestimate the value of apprenticeships in bridging the skills gap, providing quality employment and boosting productivity.”
The WMCA's deal allows organisations to transfer their unspent apprenticeship levy to the combined authority’s fund, which bosses say means they can keep the investment in the region.
James Rutter, from National Express, said: "Our people are without doubt our greatest asset and we’re delighted to be able to further extend skills, apprenticeship and employment opportunities for people from across the region.
"By investing our unspent levy funds into WMCA's apprenticeship levy transfer fund we are certain it will be put to good use by increasing the same sort of apprenticeship opportunities for even more people across the West Midlands.”
