Chartered Management Institute's reaction to #Budget2017
Chartered Management Institute
Ann Francke, CMI Chief Executive, said the following in reaction to the Chancellor's 2017 Spring Budget:
“Investing £300m in STEM subjects is one part of the solution we need to boost UK productivity and profit from post-Brexit opportunities. But it dwarfs the £13m the Chancellor pledged in his Autumn Statement for Sir Charlie Mayfield’s review to raising management skills. The government is right to state that innovation in skills is paramount to improving productivity: poor management costs the UK economy £84bn a year in lost productivity. For this welcome investment to pay we’ll need skilled managers to lead the projects. Extending the investment in skills to supporting women returning from maternity leave, as well as young people, would be a welcome addition.”
On the announcement of £500m support for technical education for 16-19 year olds, Francke added.
“For the UK economy to punch above its weight post-Brexit we need to start ramping-up the number of young people entering the labour force with work-ready higher skills. That’s why CMI welcomes the Chancellor earmarking £500m a year to support 16-19-year olds in technical education.
“According to our research, one-third of 16-21-year olds in the UK aren’t confident of finding a job in the next few years. Alongside championing the Government’s apprenticeship agenda, we support this transformation of technical education that will lay clearer career paths for those leaving school. But to deliver the highly skilled workers we’ll need to compete post-Brexit, these technical routes must be developed with employers and aligned with the new breed of apprenticeships.”
