CENTRAL DEVON MP Mel Stride is urging local schools to nurture the entrepreneurism among their pupils with Virgin Money’s Make £5 Grow programme.

The initiative gives nine to 11-year-old schoolchildren the experience of starting a small business and managing finance.

Any school in the UK can register to take part free of charge and each participating pupil is given a £5 loan to start a business and teachers are supported with lesson plans, activities, and resources to help their pupils’ businesses thrive.

The aim of the programme is to help children develop key life skills and better understand money management.

At the end of the programme the school keeps all profits made to reinvest in pupils once the initial loan has been repaid.

Mr Stride, who chairs the influential House of Commons Treasury Select Committee, said: ‘Since 2016, 20 schools in Central Devon have completed the programme or are currently enrolled, and it would be great to see even more take part.

‘Just as science, history or music lessons can inspire a lifelong interest in these subjects, an initiative like this could be the spark that leads a child to think about setting up their own business later in life. But even if it doesn’t, the lessons they will learn about managing their money are really important.’

The programme aims to develop skills in money management, teamwork, responsibility leadership and creativity – as well as the core subjects of English and maths. They learn about developing ideas, doing market research, the importance of costs and manufacturing and delivery w ithin a budget, as well as getting the word out about their business.

For more information visit make-5-grow.co.uk.