UK Firms Row Back on Plans to Invest More in Training

Fewer UK businesses are increasing investment into skills compared to last year and a majority have never heard of key government programs to boost training, according to a survey.

(Bloomberg) — Fewer UK businesses are increasing investment into skills compared to last year and a majority have never heard of key government programs to boost training, according to a survey.

The proportion of companies planning to raise the amount they spend on training in the next year has dropped from 53% in 2021 to 38% in 2022, according to a survey by the Confederation of British Industry.

Despite fewer firms than before saying they will increase skills spending, 47% said they would maintain investment at current levels, compared to 43% in 2021. 

A large majority of the 273 businesses surveyed reported that they didn’t know about flagship government programs to increase skills. Four out of five hadn’t heard of the planned Lifelong Loan Entitlement scheme, which will offer funding for four years of higher education at either universities or technical colleges, taken any time in life. 

Around two-thirds of firms were at most “slightly” aware of T Levels, a keystone government program that offers technical skills training as an alternative to A-Levels, the academic qualifications typically achieved by students prior to attending university.

Robert West, head of education and skills at the CBI, said the results show “concerningly low levels of awareness for key aspects of the government’s skills agenda.”

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