Frontier analysed WorldSkills UK’s economic return on investment, finding that WorldSkills UK’s activities in the past two years have delivered benefits of between £40m and £76m based on the investment from the Government of £17m.
Our independent report and analysis also found that 89p for every £1 of Department for Education (DfE) funds is leveraged in partnership funding each year from other sources such as employers, sector organisations and devolved nations. WorldSkills UK’s establishment of partnerships outside of government highlights the value placed on their work by industry and other skills organisations across the UK.
Sarah Snelson said: “We have worked with WorldSkills UK to establish the economic impact of its work and in particular the return of investment for government. We concluded that for every pound that the government invests, the taxpayer makes at least £2.40 worth of return. This is very good value for money in our judgement.”
Jill Goddard, Head of Planning, Funding and Impact, WorldSkills UK said: “The results of this report really highlight the value and importance of our work in championing the benefits of high-quality apprenticeships and technical education and using our global insight to influence policy in the UK. It was particularly pleasing to see that the findings also indicate that the future return of investment on our work, such as thought leadership, which is a key element of our work, are also likely to deliver very high value for money.”
WorldSkills UK is an independent charity, working in partnership with employers, education and government to raise the standards in apprenticeships and technical education.
To find out more information about WorldSkills UK, please click here.
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