An independent assessment on WorldSkills UK’s activities conducted by Frontier Economics has confirmed that we are delivering significant economic return across all of our work.
Frontier Economics found that our activities deliver a return on investment of between 2.4x and 4.5x in public funding per pound of Department for Education (DfE) investment*. This means that in the past two years we delivered benefits of between £40m and £76m based on our investment from the Government of £17m.
The report also commended our work in establishing partnerships outside of government, highlighting the value placed on our work by industry and other skills organisations across the UK. Frontier Economics confirmed that 89p is leveraged in partnership funding each year from other sources such as employers, sector organisations and devolved nations for every pound of DfE funds.
Sarah Snelson, Frontier Economics said:
“We have worked with WorldSkills UK to establish the economic impact of its work and in particular the return of investment for government. We concluded that for every pound that the government invests, the taxpayer makes at least £2.40 worth of return. This is very good value for money in our judgement.”
Jill Goddard, Head of Planning, Funding and Impact, WorldSkills UK said: “The results of this report really highlight the value and importance of our work in championing the benefits of high-quality apprenticeships and technical education and using our global insight to influence policy in the UK. It was particularly pleasing to see that the findings also indicate that the future return of investment on our work, such as thought leadership, which is a key element of our work, are also likely to deliver very high value for money.”
*The return against Department for Education (DfE) spending was calculated by assessing the value of increased tax returns to public funds from each pound of DfE funding over the 2018-20 period.