Toyota, Nationwide, Merrill Lynch and Norwich Union are among leading organisations that have backed a government project to combat the skills shortage faced by British industry.

The National Skills Academy Framework was established in 2004. By 2008, the academy’s financial services and manufacturing schemes will be up and running, providing employers with a greater pool of talent to recruit from.

Nationwide will meet 50 per cent of the costs of the Financial Services Skills Academy. “Nationwide is keen to support any initiatives that will benefit our organisation and industry,” said Jeremy Wicks, head of learning and development at Nationwide.

According to a spokesperson from Toyota UK, which is backing the Manufacturing Skills Academy, the scheme will help the car maker source talent locally and reduce the need to hire staff from abroad.