Menu
30/03/2011
Further Education 'Generates Revenue'
Further Education (FE) participants generate an additional £75bn for the economy over their lifetimes, with Apprenticeships generating around £40 for each pound of Government investment, new research shows.
The study, commissioned by the Department for Business, Innovation and Skills examined the economic value generated by Government funded post-19 qualifications – including Apprenticeships, National Vocational Qualifications (NVQs) undertaken in college and workplace settings and Basic Skills Qualifications. The estimates were calculated using data from the cohort of learners that started qualifications in 2008/09.
Key findings include that FE participants that started a qualification in 2008/09 will generate an additional £75bn for the economy over their working lives, over and above what they would have contributed if they had not achieved these qualifications.
The benefits include increased wages and improved employment prospects for individuals, as well as benefits to employers stemming from increased productivity.
It was also shown that an apprenticeship is found to add the most value on average, compared to other learning streams. The return on Government investment for apprenticeships works out at around £40 for each £1 of Government funding, when taken as an individual’s first qualification at that level.
Vince Cable, Secretary of State for Business, Innovation & Skills, said: "Further Education is a fundamental part of this Government’s growth strategy. We have committed to funding at least 250,000 more adult apprentices over the next 4 years than the previous Government planned for, because we recognise that they offer real opportunities to young people and equip businesses with the trained workforce they need.
"We have also freed the sector from a number of unnecessary bureaucratic burdens so it can better respond to the needs of learners and businesses.
"This research adds further weight to our conviction that further education has a vital role to play in ensuring we have the skills that will build a stronger and more balanced economy."
Martin Doel, Association of Colleges Chief Executive, said: "This research gives valuable new insight into the powerful economic impact of post-19 education in Colleges and other FE providers. Students, Government, the taxpayer, communities and businesses are getting a strong return on investment from these qualifications."
(BMcC/GK)
The study, commissioned by the Department for Business, Innovation and Skills examined the economic value generated by Government funded post-19 qualifications – including Apprenticeships, National Vocational Qualifications (NVQs) undertaken in college and workplace settings and Basic Skills Qualifications. The estimates were calculated using data from the cohort of learners that started qualifications in 2008/09.
Key findings include that FE participants that started a qualification in 2008/09 will generate an additional £75bn for the economy over their working lives, over and above what they would have contributed if they had not achieved these qualifications.
The benefits include increased wages and improved employment prospects for individuals, as well as benefits to employers stemming from increased productivity.
It was also shown that an apprenticeship is found to add the most value on average, compared to other learning streams. The return on Government investment for apprenticeships works out at around £40 for each £1 of Government funding, when taken as an individual’s first qualification at that level.
Vince Cable, Secretary of State for Business, Innovation & Skills, said: "Further Education is a fundamental part of this Government’s growth strategy. We have committed to funding at least 250,000 more adult apprentices over the next 4 years than the previous Government planned for, because we recognise that they offer real opportunities to young people and equip businesses with the trained workforce they need.
"We have also freed the sector from a number of unnecessary bureaucratic burdens so it can better respond to the needs of learners and businesses.
"This research adds further weight to our conviction that further education has a vital role to play in ensuring we have the skills that will build a stronger and more balanced economy."
Martin Doel, Association of Colleges Chief Executive, said: "This research gives valuable new insight into the powerful economic impact of post-19 education in Colleges and other FE providers. Students, Government, the taxpayer, communities and businesses are getting a strong return on investment from these qualifications."
(BMcC/GK)
Related UK National News Stories
Click here for the latest headlines.
31 March 2011
Further Education Boosts Economy By £75 Billion
Further Education participants generate an additional £75bn for the economy over their lifetimes, with Apprenticeships generating around £40 for each pound of Government investment, new research shows.
Further Education Boosts Economy By £75 Billion
Further Education participants generate an additional £75bn for the economy over their lifetimes, with Apprenticeships generating around £40 for each pound of Government investment, new research shows.
07 September 2015
Welsh Government Launches New Educational Qualifications
A new set of educational qualifications have been launched in Wales. The move is the latest in a series of reforms to the education system, the Welsh Government said.
Welsh Government Launches New Educational Qualifications
A new set of educational qualifications have been launched in Wales. The move is the latest in a series of reforms to the education system, the Welsh Government said.
30 September 2003
Farmers' grants scheme gets revamp
Government grants to help farmers meet the cost of environmental protection controls on storing and spreading manure are to be revamped. Ministers have responded to European Commission requirements by making changes to the Farm Waste Grant Scheme, worth more than £7.
Farmers' grants scheme gets revamp
Government grants to help farmers meet the cost of environmental protection controls on storing and spreading manure are to be revamped. Ministers have responded to European Commission requirements by making changes to the Farm Waste Grant Scheme, worth more than £7.
17 February 2011
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
06 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
