Increasing investment in training and education could boost the UK economy by more than £200m, a study from a North East firm suggests.
The report from Durham-based national training company Learning Curve Group said that training in areas such as digital skills, leadership and management, and STEM could boost the country’s economic growth by up to 1.4% by easing labour shortages. There would also be a boost to the public wellbeing by getting people into better jobs, while business investment is likely to increase if companies have more skilled workforces, the report says.
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As well as boosting individual pay and increasing business confidence, the Learning Curve study said that increased skill levels would improve productivity, one of the key challenges that has been facing the UK economy for a number of years. The report – which has been endorsed by Apprenticeships and Skills Minister Anne Milton – says that “policymakers should acknowledge that further action is required to boost training throughout the UK so that these various benefits are captured to the greatest extent possible.”
Learning Curve CEO Brenda McLeish said: “We are in the midst of a recruitment, skills and cost of living crisis and skills training can often be an area that has budgets reduced during these times. I think this report illustrates that if anything, it is imperative to ensure there is a strong commitment to skills and training if we are to flourish as a nation.”
Learning Curve was founded in Spennymoor 2004, with Ms McLeish leading an equity-backed buyout in 2015. The company has expanded through a number of acquisitions and has delivered training to more than a million people.
Meanwhile, separate research from Lloyds Bank has revealed an appetite among North East firms to invest in training of existing staff in a bid to boost productivity. The research found that 50% of firms in the North East plan to invest in training and developing their workers over the next six months, with many hoping that increased skills levels would make them more attractive to clients and boost revenues.
Steve Harris, regional director for the North East at Lloyds Bank, said: “Investment in training and development will help firms to unlock new avenues for success and it’s fantastic that so many companies in the region are planning on investing in their teams in the next few months.
“Training and development have often been linked to a boost in productivity and a happier workforce, so businesses that invest in upskilling teams will likely reap the rewards.”
