UK to gain £4.4bn economy boost if apprenticeship intake increases across sectors

According to analysis of different research by Barclays, increasing the number of apprenticeships could create £4.4bn a year for the UK economy.

The bank said this figure could be achieved if all industries upped their apprenticeship intake by 2.2%. This would mean that 437,787 apprenticeships would need to be created.

Mike Thompson, head of employability programmes at Barclays retail and business banking, said: “Apprenticeships are growing in profile, but we know there is potential for some industries to take on more and deliver dramatic benefit to both our economy and young people.

“We can see the results in countries such as Germany where skills deficits have been addressed and productivity boosted. It’s time we do more to help businesses overcome the barriers they face to offering apprenticeships, while at the same time encouraging more to offer opportunities for young people to learn about work and the skills they need at a younger age.”