THE UK economy would benefit more from a million extra apprenticeships than from hosting the Olympic Games, according to new research from City & Guilds.
The survey – timed for the start of Apprenticeship Week 2012 this week – shows that, if a million more apprenticeships were set up by 2013, the economic benefit would be £5.57bn. That is more than the £5.1bn expected uplift expected from the Games.
City and Guilds, which provides vocational training in the UK, said it calculated the £5.57bn benefit by combining the cumulative value of apprenticeships to business between 2012 and 2020 –£4.37bn – and the cumulative tax impact for the same period – £1.2bn.
Chief executive Chris Jones said: “At a time when Olympics fever has gripped the entire country, it’s important that Britain wakes up and appreciates the true value of apprenticeships.”
Major companies yesterday pledged their support to the campaign, with BAE Systems announcing 265 apprenticeships, over half of them involved in work on building submarines.
Meanwhile, Starbucks today announced its first ever UK apprenticeship scheme, recruiting up to 405 apprentices this year, then 65 per month next year.
The apprenticeships, in what the firm calls Barista Skills and Customer Service, are open for young people over 16 years of age including school leavers.
City & Guilds said political leaders and employers are due to meet tomorrow to discuss its findings.
