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Cost of tackling skills shortages 'over £38 bn'
Wednesday, 07 May 2008
Life after graduation
The amount of money spent on training per employee hit a record high last year, according to new figures.
The National Employer Skills survey 2007 by the Learning and Skills Council indicated that the average money spent on training per employee rose by 11 per cent from £1,550 in 2005 to £1,750 in 2007.
Overall expenditure on training reached £38.6 billion, up 16 per cent from 2005, accounting for an increase in real terms of £3.5 billion after inflation.
However, the figures indicated that the number of vacancies which could not be filled due to skills shortages is down from 25 per cent in 2005 to 21 per cent in 2007.
Commenting on the issue, skills secretary John Denham said: "The need to improve the nation's skills is a key priority for the government as we face increasing competition from across the globe.
"It is vital for everyone - businesses, employees and government - to work together to ensure we have the skills we need to succeed."