The additional funds were announced by Skills and Enterprise Minister Matthew Hancock during his recent speech at a UK Commission for Employment and Skills Investment Showcase. The major winner this time is the automotive sector supply chain, which will get £20 million of the total. The remaining £5.2 million has been allocated to the latest group of successful bidders under the Employer Ownership Pilot (EOP).
The money provided to the automotive sector supply chain will allow companies to invest more in training and thus ensure they have the skilled workforce to address their specific needs. Companies can apply for funding by submitting their proposals over the next 12 weeks.
Commenting on the fresh funds, Hancock said that the government was aiming to narrow the gap between employment and education so as to promote skills development. The new fund is a flexible solution designed to help companies in the automotive supply chain train people in the skills the sector requires. This is critical for capitalising on growth opportunities and paving the way for long-term growth in the sector, Hancock added.
The minister also highlighted the contribution of the EOP scheme, which is another effort to help UK companies develop their skill bases. The strength of this initiative lies in the deep involvement of employers: they supplement government funding with their own money and develop their own training programmes. In this way, employers are able to address the shortage of specialist sector skills and make the best use of their training funds, Hancock said.