We thought it may be helpful to share a summary of the key education announcements made by Rishi Sunak, Chancellor of the Exchequer, in his “summer economic statement” in the House of Commons yesterday. The summary is kindly provided by PLMR, our platinum partner. The statement delivered in the Commons and titled “A Plan for Jobs” can be read in full online here.

Capital funding

  • £560 million of additional funding will go to schools to improve the condition of buildings and estates.

Kickstart

  • The Kickstart Scheme will directly pay employers to create new jobs for any 16 to 24-year-old at risk of long-term unemployment.
  • These will be new jobs and the funding will be conditional on the firm proving these jobs are additional. The jobs will be a minimum of 25 hours per week, paid at least the minimum wage. Employers are to provide young people with training and support to find a permanent job.
  • If employers meet the conditions, the government will pay the young people’s wages for next six months plus an amount to cover overheads.
  • £2billion available for this scheme, enough to fund 100,000s of jobs. No cap on the number of places available.

Traineeships

  • The government will pay employers £1,000 to take on new trainees, with triple the number of places available. Supporting 18- and 19-year olds who leave school to get jobs in in-demand sectors.
  • The government will provide £100 million to create more places on level 2 and 3 courses.
  • Eligibility will be expanded to those with Level 3 qualifications and below to ensure more young people have access to high quality training.

Apprenticeships

  • The government will pay £2,000 to employers in England for each new apprentice they hire under the age of 25.
  • The government will pay £1,500 to employers for each new apprentice aged 25 and over.
  • The scheme will run from 1st August 2020 to 31st January 2021 and will be in addition to existing £1,000 payments for 16-18-year-old apprentices and under-25s with Education, Health and Care Plans where applicable.