The majority of the £20 million fund to improve careers advice and support for young people announced in the Autumn Statement will be used to provide initial funding to the new company announced by my Rt hon. Friend, the Secretary of State, on 10 December.
This includes a £5 million Investment Fund (as indicated in the Official Report of 10 December 2014, column 893). This will be administered by the new careers and enterprise company, into which schools, employers and voluntary organisations will bid for start-up funding for new, innovative projects and pilots to support careers advice and inspiration, as well as funding to support the scaling up of successful local approaches, or to evaluate and share learning from existing successful projects.
The further detail of how the remaining £15 million will be spent and what proportion will support the work of the company will be worked through. This company, independent of Government, will support engagement between employers and schools, ensuring young people get the support they need. The Chair and Board of the company will be responsible for determining the best use of their budget.