Woman at Business Meeting

The government will provide small businesses in the UK with grants to be used for training purposes, as part of its plans for getting the country’s economy back on track.

This scheme will see small firms provided with funding of £1,000 for each young worker they opt to provide training for, and is expected to cost around £111m. The thinking behind the scheme is that it will give these youngsters a way out of coronavirus-related unemployment – which is already being forecast to hit 10% by the end of 2020 – and help the economy to recover more quickly.

The training initiative is being targeted at those who are aged 16 to 24, who are expected to be among the worst hit by the post-pandemic recession. The maximum amount any firm can claim under the scheme is £10,000, meaning they can opt to train 10 youngsters if they wish.

These training opportunities will not be paid ones but are expected to lead to full, paid apprentice positions and hopefully full-time jobs afterwards. Speaking to the daily Telegraph, Chancellor Rishi Sunak said:

“Young people are on the front line at risk of unemployment, so we’re backing them and the companies that they can learn from. We know traineeships work, so we’re investing in their skills and our collective future.”

This could also provide a welcome boost to the companies, and getting round-the-clock financial management support from a small business accountant in Goole or wherever they are located will help them too.

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