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Lifetime "Skills Wallet" plan for adult training

November 11, 2019 4:30 PM

MoneySkills Wallets are a plan to allow every adult in England to access training throughout their lives, after leaving full time education.

A £10,000 fund for each person will give them the opportunity to retrain and upskill for jobs that we can't even imagine yet.

It can be expensive to develop new skills later in your career. The cost of courses and qualifications shuts too many people out. Neither Labour nor the Conservatives have any answer to this - their 20th century and 19th century policies don't work in the 21st century.

Every adult will be entitled to £10,000 over their lifetime to spend on upskilling courses and further education - £4,000 at age 25, £3,000 at 40 and another £3,000 at 55.

We expect this to cost £1.9 billion a year by 2024-25. To pay for it, we will reverse the Conservatives' cuts to Corporation Tax, returning the rate to 20%, where it stood in 2016. This will raise £10 billion a year by 2024-25, more than enough to pay for the Skills Wallets, with plenty left over to help fund our plans for child care.