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£100m investment in skills to drive growth

Secretary of State for Business, Vince Cable, and Minister for Skills, John Hayes, recently launched a £50 million a year fund to help businesses develop the skills they need to drive growth.

The Growth and Innovation Fund (GIF) will deliver targeted help for employer groups to overcome barriers to growth within their sectors and industries. The funding could deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.

 BIS will invest up to £50m per year in partnership with businesses, whose investment alongside Government could deliver a total of up £100m a year.

Secretary of State 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.”

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