Following George Osborne’s budget, the Chartered Management Institute has issued a comment urging greater clarification on funding ahead of the Apprenticeship Levy coming into effect next year.

In response to the news of a 10% top-up on the apprenticeship levy, Petra Wilton, the Chartered Management Institute’s director of external affairs, commented: “Business urgently needs further clarification from the Chancellor on the funding of the quality apprenticeships that will sustain Britain’s economic growth.

Degree Apprenticeships will create a generation of true professionals capable of delivering significant business returns to employers. Businesses opposing the Apprenticeship Levy must realise that the greatest cost to jobs is the low productivity of managers already in the workplace.

The Levy tackles a blind spot in that 71% of businesses admit that they fail to effective train first-time managers.  Investment in the next generation of managers has been shown to be more than repaid by the productivity gains they deliver. The new Chartered Manager Degree Apprenticeship funded by the Levy will create a generation of true professionals capable of delivering significant business returns to their employers.”