Rachel Reeves has announced an investment of £600 million in developing skills for the construction industry.
The government hopes that this funding will enable the training of up to 60,000 additional engineers, bricklayers, electricians, and carpenters by 2029. A new Construction Skills Mission Board will be established to oversee the government's construction skills plan, chaired by the government and Mark Reynolds, CEO of Mace.
"We are determined to get Britain building again. We aim to build 1.5 million new homes and restore roads, railways, and energy infrastructure," said Reeves (pictured).
"But none of this is possible without engineers, bricklayers, electricians, and carpenters who do the real work, and we are dealing with a huge shortage of skilled workers."
"We have reviewed the planning system, which has been holding back the country's development, and now we are working on solving the problem of the skilled labor shortage by implementing our Plan for Change to create new jobs and growth opportunities for workers."
The announcement, which will be made ahead of the Spring Statement this Wednesday, includes £100 million for 10 new technical excellence colleges and £165 million to increase the number of construction courses in colleges.
Skills training courses in the construction sector will also receive £100 million in funding, while other local skills improvement programs will receive £20 million to create partnerships between colleges and construction companies.
Construction will also be one of the sectors included in the government's plans for new basic apprenticeships, which will be launched in August, supported by an additional £40 million.
As part of this, employers will receive £2,000 for every apprentice they hire and retain in the construction industry.
Another £100 million from the government and £32 million from the Construction Industry Training Council will annually fund over 40,000 industry apprenticeships for level 2 and level 3 learners, those studying NVQs, BTECs, T-levels, and advanced apprenticeships.
An additional £80 million in capital will help companies organize bespoke training.