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Apprenticeships boost South Lakes economy by nearly £1.5 million - Farron

March 4, 2014 12:37 PM

Tim at GilkesAs part of National Apprentice Week, new research highlighted by South Lakes MP Tim Farron has spelt out the local benefits of apprentices. In Westmorland & Lonsdale apprenticeships are believed to be worth nearly £1.5 million to our economy.

Every time a local company hires an apprentice, their bottom line gets an average boost of £1,941. This happens immediately, while the apprentice is being trained, and represents the benefit after typical wage and training costs for the North West are deducted.

Last year, apprenticeships boosted the national economy by £1.8bn and pumped £1,470,000 into the local economy. The figures, to the year ending April 2013, show that in Westmorland and Lonsdale 760 placements were made available. The figures also show that 300 of those apprenticeships were given to people over the age of 25, 280 of the placements were given to people between 19-24, and a further 180 to people under 19.

The report, compiled by the Centre for Economics and Business Research (Cebr) for the Association of Accounting Technicians (AAT), found that apprentices offer UK businesses a significant return on their investment, with economic output often exceeding average wage and training costs

10 of the apprenticeships were Higher Level Apprenticeships, which means that the person taking the apprenticeship has been awarded a degree level qualification. In 2009/10 when Tim started his campaign only 370 apprenticeship places had been made available in the previous twelve months. This means we have seen a 105% increase in apprenticeships in our community.

Tim said: "I am proud that this government has doubled local apprenticeships. Last year, local apprentices boosted the local economy by almost one and a half million pounds. I urge every local business to consider employing an apprentice. By giving young people a chance, they will also be boosting their bottom line."

The Chief Executive of AAT, Jane Scott Paul, welcomed the news: "I am delighted that Tim Farron MP is encouraging more companies to employ an apprentice. Far from being a cost, apprentices bring benefits straight away. It's really important that employers know there are apprenticeships for all shapes and sizes, including those in non-traditional sectors like accounting and law. That's how apprentices boosted UK firms by £1.8 billion last year."