Funding is available to support some areas of skills development and it can take a variety of forms – for example, as a grant, bursary, subsidy or loan. In 2010, the Government’s “skills for sustainable growth” strategy stated that future funding for skills would be based on the three key principles of:
- Fairness – so that funding is targeted at those most in need, such as young people and those without basic literacy or numeracy skills.
- Shared responsibility – ensuring that those benefitting from learning (both individuals and employers) contribute to the cost.
- Greater freedom – supporting providers to develop learning that reflects local needs and is not weighed down by bureaucracy.
Whilst the current economic climate has reduced the number of funding opportunities available, many providers and employers are exploring different ways of learning. Funding can come from a number of different sources, such as Government departments, local authorities, Local Enterprise Partnerships (LEPs) in England, FE colleges, trade associations, professional bodies and Sector Skills Councils. Our funding resources page provides a number of links providing advice and guidance on funding.