BusinessAutumn Statement: Britain's big business faces apprenticeship levySpending on apprenticeships is set to double by 2020 with the new levyBritta Pedersen/EPAJoanna Hodgson25 November 2015Big businesses in the UK will have to pay an apprenticeship levy at a rate of 0.5% of their total wages bill, Chancellor George Osborne has announced.It will help to double the spending on apprenticeships by 2020 and will raise £3 billion in the UK.The levy which will come into effect in April 2017, will help to fund 3 million apprentices.Each employer will receive an allowance of £15,000 to offset against their levy payment.This means that the levy will only be charged on any pay bill in excess of £3 million.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itUK trade surplus in financial services surges to record $127 billionSponsoredWinter escapes and activities to end the year in style The government will also establish a new employer-led body to set apprenticeship standards and ensure quality. It will be independent of government and will also advise on the level of levy funding each apprenticeship should receive. “Apprenticeships are now the cornerstone of the skills system” the government said.MORE ABOUTAutumn StatementEconomyApprenticeships
