£50m a year fund to help businesses develop skills for growth

A £50m a year fund has been launched to help businesses develop the skills they need to drive growth.

The Growth and Innovation Fund will boost investment in training and help businesses grow and will deliver targeted help for employer groups to overcome barriers to growth within their sectors and industries.

The funding could deliver new training to boost innovation and productivity, enable industries to set new professional standards, or support new or extended National Skills Academies.

The Department for Business, Innovation and Skills will invest up to £50m per year in partnership with businesses, whose investment alongside government could deliver a total of up £100m a year.


The investment fund, which will be delivered in partnership by the UK Commission for Employment and Skills and the Skills Funding Agency,  invites proposals from employer organisations such as Sector Skills Councils, professional bodies and trade associations.

The prospectus outlines three types of project where GIF funding and employer investment can be brought together.

These are 'Best Market Solutions’ which will invest in the best innovative ideas to drive enterprise and remove skills barriers to growth, including through the introduction of new voluntary professional standards and voluntary training levies and National Skills Academies which expand the successful network of National Skills Academies.

Also, a Joint Investment Programme which brings together employer and public investment in specific training projects which improve business productivity and growth, or address skills gaps and shortages.

Secretary of State for Business, Vince Cable said: "This government understands that to rebalance and grow our economy, we need to tackle the skills shortages that hold companies back. Through this fund, we will support employers that take collective action to overcome these blockages to expansion."

Further information:
Department for Business, Innovation and Skills