Breaking this figure down, the Centre for Economics and Business Research (Cebr) said that apprenticeships could make an annual contribution of £31 billion as a result of stronger wages, company profits and taxes.

Elsewhere, they should also provide the economy with a shot in the arm by reducing the unemployment benefit bill by £370 million, the group said.

Meanwhile, apprenticeships are expected to make a £1.9 billion contribution thanks to the positive impact they have on organisations during the training process.

While major industries such as construction and manufacturing have traditionally been keen to offer apprenticeship opportunities to young people, other sectors are now starting to invest heavily in them as well.

For instance, employers in the digital services sector are beginning to create new opportunities.

In terms of their economic benefits, the Cebr said that for every £1 of public funding which is spent on apprenticeships, a sum of £21 is generated by them.

Nick Boles, the UK Government’s skills minister, said apprenticeships can play an important role in boosting the skill-sets of British employers.

David Meller, who chairs the Apprenticeship Ambassador Network, added: “This report clearly shows how worthwhile apprenticeships are for employers.

“By investing some of their time in the short term in training an apprentice, businesses will profit for many years to come from a more highly-skilled and productive workforce.”

The past six decades have seen a significant rise in the number of Britons embarking on apprenticeship schemes.

The Cebr analysis shows that while roughly 100,000 people took part in these schemes back in 1950, the figure has now swelled to more than 440,000.

Over the current Parliament, ministers are hopeful that they will be able to deliver at least two million more apprenticeships.

Looking to the future, the Cebr believes further economic benefits might be on the cards. By the year 2025, it said apprenticeships could boost the economy by £50 billion, as long as current trends continue.

It is also thought that they could provide an economic contribution of £101 billion by the time 2050 comes around.