According to a new study by the Centre for Economics and Business Research (Cebr), released today to mark National Apprenticeship Week, 3.8 million people will complete an Apprenticeship in the next decade, contributing £3.4 billion to the UK economy a year in productivity gains by 2022.
The report, Productivity Matters: The impact of Apprenticeships on the UK economy reveals that Apprenticeships are boosting productivity by enabling businesses to grow their skills base. The average Apprenticeship completer increases business productivity by £214 per week, leading to increased profits, lower prices, better products and higher wages.
These productivity gains from former apprentices vary according to industry sector. The engineering and manufacturing sectors see the greatest gains (£414 per week) followed by construction and planning (£401) and business, administration & legal (£268).
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