The government has set itself a target of creating two million new jobs over the next five years. This is double the forecast for new employment by the Office for Budget Responsibility (OBR) but would match the job creation rate of the previous five years.
The Chancellor said it was an important step on the “road to full employment” and that he wanted to “make work pay”.
The government has committed to significantly increase the quantity and quality of apprenticeships in England to three million starts in the next five years. This will need funding from employers and the government will introduce a levy on large UK employers to fund the new apprenticeships.
The Chancellor said this will reverse the long-term trend of employer underinvestment in training and pledged that “those who employ apprentices will be able to claim back more than they contribute”.
