The government has set up the Growth and Innovation Fund to deliver targeted help to employers, providing them with a £50 million pot a year to aid development of skills in order to drive expansion.
This amount will be invested by the Department for Business, Innovation and Skills in partnership with companies, which could see up to £100 million each year invested and new training to boost productivity and innovation supported.
Vince Cable, business secretary, noted that the government understands that skills shortages must be tackled in order to stabilise and grow the economy.
"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," he remarked.
It comes after a government-commissioned study of vocational training by professor Alison Wolf found that the system needs to be overhauled, as up to 400,000 people between 16 and 19 years old are enrolled on courses of little value.
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