Our Managing Director Steve Smith reflects on the key announcements for our sector from yesterday’s budget statement:
“There were no major surprises for our sector coming out of the Chancellor’s Autumn Budget Statement 2024 yesterday, and whilst there were some early positives in terms of direction of travel for skills, it is clear that much more is still required in terms of investment if we are to create the conditions for success required to deliver a truly global leading skills model.
At SIAS we welcomed the £300 million pledged to support the FE sector in England, a sector we are proud to partner with, although as always much more needs to be done to similarly support the Independent Training Provider sector (ITPs), who do an equally incredible job, and who deliver more than 60% of Apprenticeship starts in England currently – getting that balance right is something I hope this government looks to achieve across the next Parliament, and I know would be valued by both our FE and ITP Provider partners.
The £40 million to introduce Foundation and Shorter Duration Apprenticeships in key sectors is the thin edge of a bigger wedge, but again a step in a direction which we broadly support, I’m very much looking forward to the detail on that, and on much more detail around plans for the reformed Growth & Skills Levy – what training and provision will be in scope?, what will be the actual level of that funding ‘flex’ for non-apprenticeship provision?….these will of course be key questions to answer in terms of the future landscape!
As the leading specialist Awarding Organisation for STEM industries, inclusive of skills for net zero transition, we welcomed, and were encouraged by, several commitments in the Autumn Statement which relate to key sectors which we heavily support and partner with, including:
- A confirmed £70 million for the Life Sciences Innovative Manufacturing Fund in 2025-26, part of a long-term funding commitment of up to £520 million aimed at fostering growth and resilience for future Health emergencies.
- Hydrogen Production, with confirmed support for 11 green hydrogen projects, the first commercial-scale initiatives of their kind globally.
- Carbon Capture: previously announced multi-year investment into carbon capture and storage was confirmed, £3.9 billion allocated in 2025-26 for the first UK CCUS clusters.
- Nuclear Energy: £2.7 billion to continue development of Sizewell C through 2025-26, and a continued commitment to UK fusion energy research, reinforcing the UK’s position as a global leader in sustainable nuclear energy.
I look forward to SIAS continuing to do our part, working in real partnership with Employers, Providers and our Sector Bodies, to shape those conditions for success, as focus shifts to the critical spending review in Spring 2025.”
