BASINGSTOKE College of Technology (BCoT) has welcomed new government funds intended to increase apprenticeships for small businesses.

Known for being one of Hampshire's largest providers of apprenticeships, BCoT has partnered with various employers across numerous industries including construction, health and social care, and hairdressing.

Over the past seven years, more than 1,700 apprentices have gained employment, acquiring valuable work experience and new skills through BCoT's programmes. Starting in April, the Government will fully finance any apprentices in small businesses aged up to 21.

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Basingstoke Gazette: BCoT is one of the largest providers of apprenticeships in HampshireThis ambitious plan intends to lessen the financial strain for businesses and create additional opportunities for youth to launch their careers. It will also ease time and cost pressures for further education colleges like BCoT who presently need to secure funding separately from the government and business sector.

Additionally, the Government has declared it will ramp up the amount of funding that employers paying the apprenticeship levy can transfer to other businesses. Currently, apprenticeships can be funded by a levy paying employer transferring up to 25 per cent of their unused levy to another employer.

Judi Hobson, head of apprenticeships, said: “The growth and success of any business depends on its workforce. Apprenticeship programmes are a proven way for businesses to develop employees with the right skills for their organisations, so this a really exciting opportunity that’s going to open up so many more opportunities for young people to become apprentices. 

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“The new funds will widen the choice for students and increase the number of employers, especially smaller businesses, that might be willing to support a young person taking their first steps on their career path. It will incentivise them and allow them to widen the search for the people that will best fit their workplace."

With these new measures in place, large employers who contribute to the apprenticeship levy can now transfer up to 50 per cent of their funds- supporting other businesses, including smaller firms, to take on more apprentices.

This move is anticipated to assist SMEs in hiring more apprentices, lowering costs, and enabling more employers to secure skilled workers. It will also open the door for young individuals to seize more opportunities across various sectors, industries, and professions.