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Vince Cable Announces new £50m Business Training Fund

Business Secretary Vince Cable and Skills Minister John Hayes have announced a new £50 million a year fund to help businesses develop the skills they need for growth.

The Growth Investment Fund will work with employers, Sector Skills Councils and professional and trade organisations to develop and implement new professional standards, invest in training projects to drive growth and address skills shortages.

Tom Wilson, director of unionlearn, the TUC’s learning and training organisation, said: “Training is crucial if the UK is to compete in the global economy and the Government is right to encourage companies to improve the skills of their employees.”

Vince Cable said: “This government understands that to rebalance and grow our economy, we need to tackle the skills shortages that hold companies back. Through this fund, we will support employers that take collective action to overcome these blockages to expansion. 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.”