Ministers re-open £60m fund to boost business skills & growth
The second phase
of the Growth and Innovation Fund (GIF) has been launched by Business Secretary
Vince Cable and Minister for Further
Education, Skills and Lifelong Learning, John Hayes. The fund will
support businesses to develop their skills solutions tailored to their own
needs, transforming growth in their sector, region or supply chain.
BIS will be providing £34 million for
2012-13 and there is still £29 million available to bid for. With matched
funding from businesses there will be around £60 million available under GIF
this year. Comparable levels of investment are planned for the following two
years.
Vince Cable said: “The Government
understands we need to tackle the skills shortages that are holding companies
back. Through this fund, we will support employers that take collective action
to overcome these barriers, helping to rebalance and grow our economy.
“By putting the employer’s voice at the
heart of the process, we will reward inventive approaches to training that
deliver real help to get business moving.”
John Hayes added: “I know times are tough
for many businesses, but I am determined to do all I can to build a skills
system that creates opportunity for young people and puts firms on course for growth.
“Government investment in skills works best
for individuals and communities when it responds directly to employers’ needs.
Offering a more continuous process will ensure that public money will be able
to fund more projects throughout the year, giving business the power to shape
training and directly support jobs and growth.
“The Hospitality Guild is a great example of
how the Growth and Innovation Fund can help unify businesses and professional
training bodies to raise skills in the sector, and support staff development
within both large and smaller players in this industry.”