Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Government urged to disclose how £1.5bn raised from migrant employment tax to train UK workers is being spent

by September 19, 2023
September 19, 2023
Government urged to disclose how £1.5bn raised from migrant employment tax to train UK workers is being spent

The Immigration Skills Charge – a scheme to train UK workers using money from a levy on businesses hiring skilled migrants – has raised almost £1.5 billion, though how it is used remains unclear, the Social Market Foundation think tank has discovered.

Numbers just published by the government reveal that the Immigration Skills Charge (ISC) generated £586 million in 2022/23, bringing the cumulative total raised since its introduction six years ago to £1.47 billion.

Under the scheme, medium and large employers sponsoring skilled foreign workers coming to the UK for more than a six-month period are charged on average £1,000 per worker in order to fund the training of the domestic workforce of tomorrow.

The proceeds from the charge have substantially increased in the last couple of years as hiring of overseas workers has rebounded very strongly post-pandemic, and post-Brexit the charge now applies to sponsoring of EU as well as non-EU workers.

Yet with no explanation of how the money is used, the SMF is calling on government to ‘use it or lose it’ – clarify how it is being invested to support the domestic skills base, or drop the charge entirely.

In a piece published today, the think tank argues that the current lack of transparency over how the proceeds are used is a huge missed opportunity to build public trust in the fairness of the UK’s work immigration system, by demonstrating and publicising that the benefits of immigration are being widely shared to benefit all of society.

Jonathan Thomas, SMF Senior Fellow, said: “The purpose and positive potential of the ISC is that the proceeds of a charge paid by employers to sponsor a skilled overseas worker today are used to train the local workforce of tomorrow. But there is no evidence that this is happening. It is totally unclear how the money raised is being used.”

“Using the proceeds of the Immigration Skills Charge for their proper purpose, and clearly accounting to the British public for that, is a perfect opportunity to counter the sense that hiring overseas workers leaves local talent overlooked and local training under-developed, instead showing that the overseas and domestic skills base can be mutually supportive and work in tandem.”

Read more:
Government urged to disclose how £1.5bn raised from migrant employment tax to train UK workers is being spent

0
FacebookTwitterGoogle +Pinterest
previous post
AI surge may not have positive outcome, warns UK competition watchdog
next post
Dem Rep Jennifer Wexton will not seek re-election after ‘Parkinson’s on steroids’ diagnosis

You may also like

Empowered Events revolutionised the British Business Excellence Awards...

December 18, 2024

Ripple XRP: A Definitive Guide to Digital Payments

January 18, 2024

Interest rate rises to 3 per cent after...

November 3, 2022

Exploring the World of Custom Hats: A Guide...

January 3, 2025

The Twitter Exodus: are we coming or going?

November 14, 2022

Last chance for businesses to take advantage of...

March 8, 2023

R&D tax reliefs revamp questioned

April 25, 2023

5 Business Grants in The UK To Make...

October 18, 2023

Booked it secures £2.5m investment as it eyes...

April 15, 2025

Sure Valley Ventures leads £3 Million Seed Round...

December 14, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved