FYT Weekly News 23rd - September

Apprenticeships: School leavers losing out


The CBI (Confederation of British Industry) warns of losing a generation of young workers untrainedto cope with vital workplace skills such as automation and AI unless the apprenticeship levy is overhauled.



Definition of Levy: impose (a tax, fee or fine)


What is The levy?


A 0.5% tax on a company's total wage bill (if it’s over £3m+)


What’s It Used For?

The government uses the £ to fund on-the-job training within any business.


GCSE Level Apprenticeships



Down --> one-third in last 4 years! (To 50,000)


HOW COME?

  • The levy money is often diverted to graduate-level a’ships for older workers.  

  • The CBI wants a ‘Flexible Skills Levy’ to cover a wider range of training, not just apprenticeships.


IF YOU COULD GO BACK...


Would You Consider An Apprenticeship vs. Uni / College?


Business leaders urge Govt. on financial education for children


16 industry leaders have told Gavin Williamson Education Minister that financial education should be an examined subject and taught from primary school



Isn’t It On The Curriculum?

Since 2014 financial literacy has been part of the national curriculum (within citizenship) for 14-16 yr olds, however research shows...


JUST 30%

had had a personal finance lesson in the past month



60%

of children leave school without basic financial knowledge


The Problem...


The London Institute of Banking and Finance say teachers need expertise

“The fact that many teachers are still learning about finance through life experience can make many feel that the syllabus will be too tough to teach”

An OECD report shows financial knowledge in the UK is below the G20 countries average score.


WHICH COUNTRY RANKS NUMBER 1 FOR FINANCIAL LITERACY?

  1. France

  2. Finland

  3. Norway

  4. Canada

  5. Hong Kong/China

A question used by the OECD to measure financial literacy...


IT IS USUALLY POSSIBLE TO REDUCE THE RISK OF INVESTING IN THE STOCK MARKET BY BUYING A WIDE RANGE OF STOCKS AND SHARES



Council tax debtors shouldn’t go to jail

The govt. should scrap the law that sends vulnerable people to jail for failing to pay council tax, so says leading barrister Chris Daw QC.




Melanie Woolcock, a single mother, too unwell to work, was given an 81-day jail sentence







  • 3 Months Max Sentence

  • 700 people sent TO PRISON since 2010

  • 6278 suspended sentences given





The law still stands in England, but not in the rest of the UK. 


Cases have come to light of poor and vulnerable people sent to jail even though the law says a prison sentence applies only if there’s “wilful neglect or wilful refusal”to pay.

“The practice is inhumane, ineffective and undermines public confidence in the justice system”. Chris Daw QC

Other News


Royal Mint turns jeweller as people go cashless:

In response to a fall in coin usage, the UK’s producer of coins is diversifying by creating a range of jewellery costing £80 - £2000 using traditional coin-pressing techniques.


Head teacher spent £150,000 of school’s money:

Stella Mbubaegbu, of Highbury College in Portsmouth, spent it on designer headphones, Michelin star meals , an “executive chauffeur” and more. The school had been in financially difficulty and has not given staff a pay rise since 2013.

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