£5m investment to plug manufacturing skills gap

(2 minutes to read)

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Umbrella company contractors working within the manufacturing sector will be interested to learn that Lloyds Bank is to invest £5m into the industry.

This extra funding will support approximately 3,500 manufacturing apprentices and engineers by 2024, equipping them with the right skills required to be at the forefront of manufacturing in the future.

The investment will lead to a 350% increase on the original target for training apprentices, which was made in 2015, and support the AMTC’s (Advanced Manufacturing Training Centre) commitment to addressing one of the biggest challenges that the manufacturing sector faces – the shortage of skills.

The purpose-built facility provides apprentices with a range of training and experience of real-life projects from apprenticeship programmes, through engineer up-skilling courses and graduate development programmes, including executive level training.

António Horta Osório, Chief Executive of Lloyds Banking Group, said, “Our extended sponsorship, from £5 million over five years, to £10 million over ten years, will see industry benefit from three and a half thousand apprentices and engineers being trained and developing new skills. This will help address the single biggest challenge that manufacturers consistently tell us about – the shortage of skills.

“The apprentices and skilled engineers who emerge from these world class training facilities play a central role in helping to drive up the productivity of the nation. They will be part of broader efforts to rebalance our economy – a more dynamic, open economy that is backed up by long-term investment in infrastructure, skills, science and the latest technology.”

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