Chancellor Brings Forward Apprenticeships Reforms in Spring Statement
Chancellor Philip Hammond delivered the 2019 Spring Statement on Wednesday 13 March and brought forward the £700 million reforms for business apprenticeships previously announced in the 2018 Autumn Budget.
Mr Hammond also announced that the halving of the Apprenticeship Levy co-investment rate from 10% to 5% takes effect from April 2019. The increase (from 10% to 25%) in the amount that employers can transfer to their supply chains also takes effect from April. Please note that these changes only apply in England.
Other measures announced by the Chancellor in the Spring Statement include a review of the latest international evidence on the impact of minimum wages, to ‘inform future National Living Wage (NLW) policy after 2020’, and the allocation of £53 million in funding from the third wave of the Local Full Fibre Networks challenge fund.
Additionally, up to £260 million was made available for investment into the Borderlands area as part of the Borderlands Growth Deal.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.