Business secretary Vince Cable and skills minister John Hayes claim that the fund will deliver "targeted help" for employer groups to overcome restrictions to growth within each sector and industry.
Mr Cable said it could also help to deliver new training opportunities to "boost innovation and productivity" and enable sectors to set new professional standards.
"We need to tackle the skills shortages that hold companies back. By putting the employer voice at the heart of the process, we will reward inventive approaches to training that deliver real help to get business moving," he added.
It comes after the Chartered Management Institute said that the chances of young people gaining a job, including roles in sales recruitment, would be boosted through a greater involvement of businesses in education.
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Posted by John Oak and Wayne Bly
Source: The Sales Director News