Apprenticeships contribute £34 billion per year to UK economy

New research from the Centre for Economics and Business Research (Cebr) has found that apprenticeships will contribute £34 billion to the UK economy in 2014.

The ratio of benefits to costs of apprenticeships is £21 for the national economy for each £1 of public money spent. The most popular sectors for apprenticeships are: health and social care (13%), customer service (10%), business administration (8%) and retail and engineering (both at 7%).  The region with the highest concentration of apprentices per total population is the North West, followed by regions within Northern England and the Midlands.

Minister of State for Skills Nick Boles said: “Today’s celebration of a hundred years of apprenticeships demonstrates how they have long played a key role in the workforce and commemorates the contribution apprentices have made to employers and the nation. Today apprenticeships are at the heart of the Government’s drive to equip people with the skills that employers need to grow and compete.”

Click here for the full report.