T-levels a stimulant to the tech economy
What will the introduction of T-levels do for the tech and SME sector?
“T-levels could be a real boost to SMEs and scale-up companies, the lifeblood of the UK economy. We welcome the focus on equipping the next generation with the right skills but wonder whether it can be delivered in more generalised courses,” said Fergus Caheny, partner and head of technology at Smith & Williamson, the accountancy, investment management and tax group.
Teenagers who undertake technical training, for example engineering or construction courses, will spend 50% longer learning than they do now, equating to 900 hours of teaching a year. However, the current system of 13,000 different courses will be replaced with just 15 standalone courses.
“The Chancellor mentioned that people may have to retrain once, twice or even more during their lifetime. No area is this more apparent than within the tech sector where the products of the next decade are not even in existence now. Having a workforce which is dynamic and able to cope with these changes is vital to securing the ongoing prosperity for the UK economy.”
Our recent Enterprise Index indicated a decline in the confidence that small business owners had in the ability of the talent pool to produce what is required of them in day-to-day business life. Only 40% were of the opinion that there was sufficient knowledge.
“Technology, including artificial intelligence, the internet of things and cyber security are the future of the UK economy and we need to ensure that this is recognised with the development of technical courses. We, and many others, have been encouraging change and the development of practical STEM skills for years so it is hugely encouraging to see this being recognised. Hopefully this will see the cementing of the UK as a the place for tech businesses to grow, develop and succeed.”
Click here to read more on the Spring Budget 2017
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Smith & Williamson is the official sponsor for the National Business Awards’ search for the 2016 Scale-Up Business of the Year Award.
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The word partner is used to refer to a member of Smith & Williamson LLP.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.