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Mon April 12 2021

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Bank commits £1m to construction skills

23 Sep 15 Lloyds Banking Group has allocated an initial £1m to a new construction skills fund for training in London

The bank published a report last week on how a shortage of skilled workers was impacting on the house-building sector. It is now following this up by establishing a construction training fund

Chief executive António Horta-Osório said that Lloyds Bank will invest £1m over four years to create a construction skills fund to which other companies will be invited to contribute.

With the reputation of banks in general shredded over the past 10 years, Lloyds has targeted house-building as a way of restoring its own reputation. It is investing £50m by 2017 in smaller house-builders' projects via the Housing Growth Fund, which is matched by a further £50m of governemnt money.

Lloyds also has £2.5bn of credit available for house-builders nationwide and a lending commitment of £3.5bn to London’s housing associations. 

Mr Horta-Osório said: “This new Lloyds Banking Group fund will help provide the improved training that house-builders tell us their workforce needs. We are passionately committed to developing Londoners’ skills and building more homes for the capital, and this fund will contribute towards both.”

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