The Mayor of London, Boris Johnson, has allocated £1.5m to double the national incentive grant scheme for SME’s to take on an apprentice.
The national government scheme provides a £1500 grant to businesses to assist in taking an apprentice, Boris Johnson has allocated money to allow that to rise to £3000 in London.
The fund, approved by the London Enterprise Panel (LEP), could help to create a further 1,000 new places in London. The news comes as the most recent employment statistics show that private sector employment is up by 6.5 per cent in the capital, compared with 3.2 per cent in the rest of the country.
The investment is part of a £111million pot secured by the Mayor from the Government’s Growing Places fund to support the work of the LEP.
So far the apprenticeships campaign has seen the creation of more than 100,000 apprenticeships in the capital since 2010 and, as outlined in the Mayor’s newly published ‘2020 Vision: Ambitions for London’, he has set an ambitious target of creating 250,000 by the end of 2016.
The Mayor of London, Boris Johnson, said: “Small and medium-sized businesses are the lifeblood of the capital’s economy and central to providing employment opportunities for talented young Londoners. Companies that have already taken on apprentices know the difference they can make to the bottom line and so we want to encourage more firms to get on board. This incentive is aimed specifically at SMEs and I’m urging company bosses from all corners of the capital to check out how it can benefit them and the wider London economy.”