The government will offer £ 1,000 bonuses for each trainee they hire in an attempt to increase jobs for young people during the coronavirus crisis.
Companies offering new traineeships in England will receive the trainee bonus under the £ 111 million scheme.
On Wednesday, Chancellor Rishi Sunak will announce the move for the 18-24 year old while unveiling an economic strategy to deal with the consequences of the Covid-19 pandemic.
The new data from the Center for Retail Research revealed that over 24,000 jobs have already been lost at high street retailers in the first half of 2020, while nearly 32,000 locations are still at risk of staying if multiple stores close.
As part of an internship initiative, which lasts from six weeks to six months, young people receive math, English and CV courses, as well as guidance on what to expect in the workplace, said the Treasury.
A Treasury spokesman said: “This year the government is making three times more funding available to suppliers to pay triple the number of trainees and also to increase the funding that suppliers receive for training.
“Companies will also receive a £ 1,000 bonus payment from the government for each trainee they offer a professional traineeship.
“Employers who are new to providing trainees with work experience or growing their existing offer will benefit from the payment.
“Evidence shows that three quarters of young people between 18 and 24 who complete internships go to work or study further within 12 months.”
The expanded regime will be implemented in England from September 2020.
The government has said it will also provide £ 21 million to decentralized administrations in Scotland, Wales and Northern Ireland for similar initiatives.
In addition, job academies must obtain an investment of £ 17 million.
Funding has been provided for over 30,000 extra places in sectoral job academies, the Treasury said.
In the meantime, it has also been reported that Mr. Sunak will release most home buyers from paying stamp duty.
The Times reported that the Chancellor would outline plans this week to raise the threshold at which people start paying stamp duty from £ 125,000 to a maximum of £ 500,000.
Comments came when former government advisers communicated to five prime ministers and chancellors Tory that his immediate goal must be “jobs, jobs”, but debt should also decrease by 2024.
Economic advisors to George Osborne, David Cameron, Theresa May, Philip Hammond and Sajid Javid have developed a plan for the UK’s recovery from the coronavirus which includes a national debt restructuring agency and a package of skills and jobs Without precedents.
Mr Sunak must be ready to concentrate all his efforts on the work since the extraordinary nature of the pandemic requires an “urgent” response, former advisers n. 10 and the Treasury wrote in a report released Monday for the think tank onwards.