Apprentices will contribute £ 3.4billion to the economy by 2022

A s students and businesses across the country celebrate national Apprenticeship Week, the Centre for Economics and Business ( Cebr) announced that apprentices will contribute £ 3.4 billion to the economy by productivity gains by 2022.

Other key findings in the research include:

Between2012- 13 and202122, 3.8 million people will complete an Apprenticeship.

Apprenticeships are boosting productivity by enabling businesses to grow their skills base.

The average Apprenticeship who completes their programme increases productivity by £ 214 per week

Productivity gains from former apprentices vary according to industry sector. The engineering and manufacturing sectors see the greatest gains (£ 414 per week) followed by construction and planning (£ 401) andbusiness, administration & legal (£ 268).

The number of annual Ap- prenticeship completions is forecast to rise across all sectors of the economy over the coming decade, growing from an annual 260,000 in 2012/ 13 to 480,000 by 2021/ 22. ( 4)

Deputy Prime Minister Nick Clegg said: “Apprenticeships are at the heart of our drive to provide employers with people who have the skills needed for their businesses to prosper and compete, often in a global market. Apprentices are vital to Great British business – from mechanical engineering and business administration to dental nursing and physiotherapy. We are making it as simple and rewarding as possible to take on apprentices.”

Tanya Meadows, VicePrincipal, City College Peterborough, said “This research confirms the economic importance of Apprenticeships and sends a clear message that they deliver for employers, individuals and the economy.

“The college has seen a marked increase in young people joining our Apprenticeship programmes, but I would like to see more small and medium sized businesses reap the benefits that Apprentices bring to their business.”

There i s currently an £ 1,500 incentive for businesses with under 1,000 employees who haven’t taken on an apprentice within the last 12 months who take on an apprentice ( maximum 10).

To find out more, phone City College Peterborough on ( 01733) 761361 and speak to a member of the business team or email business@ city college peterborough. ac. uk