Mayor of London announces new apprenticeship funding

The Mayor of London, Boris Johnson announced a funding boost of £6m to help small and medium sized companies offer apprenticeships to young people in search of work.

In the wake of the new unemployment figures out yesterday, the Mayor revealed that small and medium sized businesses will be entitled to apply for a £1,500 incentive payment if they employ an apprentice aged 16 to 24 as part of a new Government initiative managed by the National Apprenticeship Service (NAS).

The new grant, known as AGE 16 to 24, means that 4,000 new apprenticeship opportunities could be created in London, which is a significant boost towards the Mayor’s target to create 100,000 apprenticeships by the end of this year.

The Mayor also unveiled details of a new initiative he is backing as part of his Team London programme, which will bring together staff from eight leading UK and international firms to run a wide range of careers workshops, seminars and training sessions for thousands of young Londoners aged between 14 and 19.

The ‘Skills for Success’ scheme will see eight top companies –  Team London’s lead corporate partner Bloomberg LP, BT, P&G, KPMG, Citi, IBM, Addison Lee and Barclays – bringing new and existing employability schemes under the Team London banner as part of a concerted city-wide effort to better prepare young Londoners.

Vic Grimes, Director of the National Apprenticeship Service for London and the South East, said:

“The new AGE 16 to 24 Grant is part of a number of new measures the government has recently announced to make it easier for employers to take on apprentices.  We will be  working closely with the GLA and other partners such as the London Chambers of Commerce & Industry and the Federation of Small Businesses to ensure that as many businesses as possible  in the capital are able to benefit and take on their first apprentice this year.”