Government announces funding for skills development

The Government has set out where the first round of skills investment will be spent under the Growth and Innovation Fund.

The Fund is worth £50 million, and the money will be put into projects ranging from healthcare to nuclear manufacturing.

After the first tranche of applications to the Fund, seven leading industries have been selected for further development.

Business planning will now get under way for a new National Skills Academy for Health.

Plans are also being developed for the existing National Skills Academies to diversify; there is to be a National Skills Academy for nuclear manufacturing, while the National Skills Academy for Creative and Cultural Skills will expand into the jewellery, design and heritage industries.

Vince Cable, the Secretary of State for Business, Innovation and Skills, said: "This Government wants business to lead the creation of a world class skills system.

"I'm pleased that employers have responded by coming forward with innovative ideas for the Growth and Innovation Fund. The fund will target public money, investing alongside business, to deliver workforce skills in new and creative ways."

Meanwhile, the UK Commission for Employment and Skills is working on the details of potential investment in further projects with sectors ranging from agriculture to energy, from hospitality to science-based industries.