It’s a major, new, innovative policy and a key part of our Plan for the Future.
A Liberal Democrat government will provide every adult with £10,000 to spend on education and training throughout your lives. This “Skills Wallet” is meant to give every person the opportunity to retrain and upskill for jobs that we can’t even imagine yet.
It can be prohibitively expensive to develop new skills at various stages of your career. The cost of courses and qualifications shuts too many people out.
Neither the Conservatives nor Labour have the answers to these challenges. They are stuck pursuing 20th or even 19th century policies that won’t work in our 21st century economy.
So as part of our fight to build a fairer economy and a brighter future, we will create Skills Wallets!
How will it work?
As we said, every adult will be entitled to £10,000 to use over their lifetime on upskilling courses and further education. That’ll be divided into £4,000 at 25 years old, £3,000 at 40, and another £3,000 at 55.
On top of this, individuals, employers and local government will be able to pay into the wallets.
This will make the skills wallet a valuable resource for every adult for their whole life!
You’ll get to choose how and when to spend the money yourself - as long as it’s a course from an approved provider.
And of course, everyone will be able to access free guidance to help them to decide how to use their Skills Wallet.
That’s how we know our investment will help people to gain the skills they will find invaluable in the world of work.
How will we pay for it?
A very reasonable question.
We expect this to cost £1.9 billion a year in total by 2024-25.
To pay for this, we will reverse the Conservatives’ unnecessary and expensive cuts to Corporation Tax. We'll return the rate to 20%, where it stood in 2016.
This will raise £10 billion a year by 2024-25. That's more than enough to pay for the Skills Wallets, with plenty left over to part-fund our expansion of free, high-quality childcare.
So there you have it. Skills Wallets are a bold new initiative to give adults £10,000 to spend on education and training throughout their lives.