The UK government’s decision to cut levy funding of Level 7 apprenticeships for apprentices aged over 21 from January next year will cost UK employers – many from the accountancy sector – around ÂŁ214m in additional training costs, according to new research.
With 89 percent of Level 7 apprentices aged over 21, the study from the University Vocational Awards Council (UVAC), also reveals the extent to which cuts will widen the skills gap, hinder social inclusion and stifle economic growth.
Dr. Mandy Crawford-Lee, chief executive for UVAC said: “The government’s policy to remove vital levy funding – that is supporting nine in ten Level 7 apprentices – is a major blow to accountancy firms and will leave them facing both huge training bill costs and a skills shortage headache.
“Removing funding for those Level 7 apprentices aged over 21 indicates to us that the government is unfortunately not looking to prioritise the career and skills progression of accountants at every stage of their working life.”
