DAVID Laws, MP for the Yeovil constituency, has welcomed new research, published by the Association of Accounting Technicians, which has shown that new apprentices in Yeovil constituency provided a boost of £2,395,000 to the local economy in 2012/13.
The research shows that every time a local company hires an apprentice, their bottom line gets an average boost of £2,013.
This happens immediately, while the apprentice is being trained, and represents the benefit after typical wage and training costs for the South West are deducted.
Last year, 1,190 people started an apprenticeship in Yeovil.
Since 2010 the coalition Government has helped to create more than 1.5 million apprenticeships.
The Liberal Democrat’s £1bn Youth Contract is supporting work experience, wage incentives and apprenticeships which will all help young people to find work.
David Laws said: "Back in 2010, this Government made apprenticeships a top priority and I am delighted that here in Yeovil we are seeing the benefits of that decision. This money, £2.4 million, has made a real difference to the local economy.
"Apprenticeship numbers have now doubled and the figures show that this is great news for growth and for each business that takes on an apprentice. I would urge businesses in Yeovil to think about employing an apprentice."
The Chief Executive of AAT, Jane Scott Paul, added: "It’s really important that employers know there are apprenticeships for all shapes and sizes, including those in non-traditional sectors like accounting and law. That’s how apprentices boosted UK firms by £1.8 billion last year."