§ Dr. VisTo ask the Secretary of State for Education and Employment if he will make a statement on the progress he has made with individual learning accounts and plans for their future. [80076]
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§ Mr. BlunkettThe Chancellor of the Exchequer, in his statement on 9 March 1999,Official Report, columns 173–190, announced a long term incentive structure for learning accounts. This proposes significant progress towards achieving a sustainable national framework from next year. Through the substantial development work undertaken over the last few months we have also learned some important lessons about the design of learning accounts.
Training and Enterprise Councils have led development by testing various options for accounts in 15 areas. These projects are reaching completion. We are also undertaking extensive market research to assess the reaction of individuals and other stakeholder to the design of learning accounts. We are consulting employers through projects led by National Training Organisations, and financial institutions about their potential involvement.
From April 1999 individuals will be able to open learning accounts with Training and Enterprise Councils; if people invest £25 of their own money they will receive £150 to set up their account.
I will be shortly publishing details of our progress on this work, and our plans for an national framework.