Secretary of State for Business, Vince Cable, and Minister for Skills, John Hayes, have launched a £50 million a year fund to help businesses develop the skills they need to drive growth.
The Growth Investment Fund (GIF) will help employer groups overcome barriers to growth within their sectors and industries. The funding could deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.
BIS will invest up to £50m per year in partnership with businesses, whose investment alongside Government could deliver a total of up £100m a year.
Secretary of State Vince Cable said:
“This government understands that to rebalance and grow our economy, we need to tackle the skills shortages that hold companies back. Through this fund, we will support employers that take collective action to overcome these blockages to expansion.
“By putting the employer voice at the heart of the process, we will reward inventive approaches to training that deliver real help to get business moving.”
Minister for Further Education, Skills and Lifelong Learning, John Hayes said:
“Government investment in skills works best for individuals and communities when it responds directly to employers’ needs. By giving business the power to shape the training support we offer, we will ensure that public money directly supports jobs and growth.
“I look forward to working with industries of all kinds to deliver help where it is most needed to boost performance.”