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Further Education boosts economy by £75 billion, says study
New research commissioned by the Department for Business, Innovation and Skills suggests that participants in further education generate an additional £75bn for the economy over their lifetimes, with apprenticeships generating around £40 for each pound of Government investment.
The study examined the economic value generated by Government funded post-19 qualifications - including apprenticeships, National Vocational Qualifications (NVQs) undertaken in college and workplace settings and Basic Skills Qualifications. The estimates were calculated using data from the cohort of learners that started qualifications in 2008 / 09.
According to the research:
John Hayes, minister for further education, skills and lifelong learning, said: "Further Education is the unheralded triumph of our education system. This research illustrates just how important it is to this country - our economy, society and individuals' lives.
"That is why we are funding an unprecedented number of Apprenticeships and freeing colleges from unnecessary burdens. We are also helping employers, colleges and training providers to work together to boost skills through the £50m Growth and Innovation Fund.
"All these reforms will ensure that economic contribution of FE will continue to rise in the years to come."
Martin Doel, Association of Colleges chief executive, said: "This research gives valuable new insight into the powerful economic impact of post-19 education in Colleges and other FE providers. Students, Government, the taxpayer, communities and businesses are getting a strong return on investment from these qualifications."
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