Co-op Urges Collaboration to Boost Apprenticeship Opportunities

  • Co-op calls for more effective use of Apprenticeship Levy
  • £96m unspent in 2022/23, could have funded over 9,000 apprenticeships
  • 56% of young people want to work or volunteer for positive impact on society
  • Co-op’s Levy Share funding: 37% used by publicly funded organisations since 2021

Co-op has called for private and public sector organisations to collaborate in order to make better use of the Apprenticeship Levy, as millions of pounds remain unspent and returned to the government. The unspent amount reached £96m in 2022/23, a significant increase from £11m in 2021/22. Co-op research shows that young people are increasingly interested in apprenticeships, with 56% wanting to work or volunteer for positive societal impact. Since 2021, 37% of Co-op’s Levy Share funding has been used by publicly funded organisations. With a £4bn funding gap expected in the UK, this trend is set to continue until 2024. Claire Costello, Co-op’s chief of people and inclusion officer, urges businesses with excess funds to support Levy Share initiatives.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the unspent Apprenticeship Levy funds and Co-op’s efforts in using their own funding to support apprenticeships. It also includes relevant statistics and quotes from a representative of Co-op. However, it lacks external sources or further research to back up its claims.
Noise Level: 3
Noise Justification: The article provides relevant information about the Apprenticeship Levy and its usage, highlighting a problem (unspent funds) and offering a solution (collaboration between private and public sectors). It also includes statistics and quotes from an authority figure. However, it could benefit from more in-depth analysis or discussion of potential solutions beyond the call to action.
Financial Relevance: Yes
Financial Markets Impacted: Apprenticeship Levy funds
Financial Rating Justification: The article discusses the underutilization of Apprenticeship Levy funds, which is a financial topic related to education and training in the UK. The unspent funds impact private and public sector organizations, as well as the overall funding gaps across the country.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk