Funding is being targeted at 5 areas of the UK to help young people into work
This funding from the new Youth Employment Initiative (YEI), which aims to help young people aged 15 to 24 years find work, will be matched by an equal amount from the European Social Fund and also by project partners, bringing the total funding to nearly £490 million.
The West Midlands will receive £42.2million to fund new and innovative youth employment programs. YEI funding will be handed to the respective Local Enterprise Partnership (LEP) areas, and to extend provision of apprenticeships, work experience placements and youth entrepreneurship programmes amongst other activities. LEP areas may also choose to develop new and innovative youth employment programmes based on their understanding of the local economy.
The unemployment claimant rate for the West Midlands has fallen from 8.4% in May 2010 to 6.2% and in Wyre Forest has fallen from 8.9% to 5.6%.
Mark Garnier said “This is fantastic news for the West Midlands. This funding will mean that there will be more opportunities such as apprenticeships and work experience made available for young people in the area. Giving the local LEP control over this funding will mean that it can be tailored to suit the needs of the West Midlands area. This will ensure that even more young people in the area are able to get into work.”