§ Lord Mottistone
asked Her Majesty's Government:
Whether they intend to introduce a loan scheme for training as proposed in the consultation paper issued in November 1984.
§ The Secretary of State for Employment (Lord Young of Graffham)
I have today announced introduction of a pilot scheme to make available loans for vocational training for an experimental period of three years. The new scheme, Career Development Loans, will be run in partnership with three banks, Barclays, Clydesdale and the Co-operative Bank, in four pilot areas, Aberdeen, Bristol/Bath, Greater Manchester and Reading/Slough. Anyone aged over 18 who lives or intends to train in one of these areas will be able to apply. The Government will be providing an incentive to borrowers by paying interest on their behalf during the period of training and up to three months afterwards. The Government will also be guaranteeing a proportion of the loans to make it easier for banks to consider lending for vocational training.