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Business loan for better staff training
Reported on Thu, 25 May 2006
A parliamentary committee has warned that the country's business sector is being damaged by a lack of skills, but companies could take out a business loan to provide higher levels of staff training.
According to the public accounts committee, the British economy is losing out to the tune of £10 billion every year as a result of a major "skills gap" among the nation's workforce.
The group has raised concern that although the government spends £6.7 billion annually on training, backed up by £23 billion from industry, too much of this is allocated for teaching young workers "skills they should have got at school".
"A modern economy simply cannot afford to have more than a third of employers providing no training for their staff," said committee chairman Edward Leigh MP.
He called on "skills brokers" funded by Train to Gain to boost their record on getting employers to train their staff, suggesting this was the best way to offset overseas competition.
Taking out a business loan could enable a firm to create or support a staff training programme, with the prospect of raised production levels as a result.
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