Apprenticeships to give economy GBP3.4bn boost

Many employers are taking on apprentices

Many employers are taking on apprentices

A new report from the Centre for Economics and Business Research (CEBR), which marked the start of National Apprenticeship Week, has shown that, on average, apprentices increase business productivity by GBP214.00 each week, producing profit growth, higher wages, and better products.

Research found that by 2021/22, 3.8 million people will finish their apprenticeships, leading to a GBP3.4 billion boost to the economy. Apprentice completions in the business administration and legal sector itself will rise from 74,000 to 121,000.

Head of macroeconomics at the Centre for Economics and Business Research, Charles Davis, says: “Our research clearly demonstrates the significant contribution that apprenticeships can make to economic growth. Raising the skills of the UK’s workforce translates into improved UK competitiveness in a challenging post-financial crisis environment. This is a vital part of rebalancing the UK economy and raising the chances of sustained export-led growth.”