The government has pledged to provide UK companies with £50m a year to help them develop the skills they need to drive growth.
Launched today by the business secretary Vince Cable and minister for skills John Hayes, the funding will come from the Department for Business, Innovation and Skills (BIS), and be distributed through the Growth and Innovation Fund (GIF).
The fund will deliver targeted help for employer groups to 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 £50m a year in partnership with business, whose investment alongside the government could deliver a total of £100m a year in growth support.
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.”
© Crimson Business. Ltd 2011