Chancellor Rishi Sunak has announced a bonus incentive for employers to hire apprentices over the next six months.

From August to January, any firm that hires a new young apprentice aged 16 to 24 will receive £2,000, while those that hire new apprentices aged 25 and over will be paid £1,500.

The Chancellor Rishi Sunak said:

“We know apprenticeships work. Ninety one per cent stay in work or go on to further training.

“For the next six months we are going to pay employers to create new apprenticeships.

“We will pay businesses to hire young apprentices with a new payment of £2,000 per apprentice. And we will introduce a brand new bonus for businesses to hire apprentices aged 25 and over with a payment of £1,500.”