The Turing scheme will be backed by over £100 million ($135 million), providing funding for around 35,000 UK students in universities, colleges and schools to go on placements and exchanges overseas, starting in September 2021.
The programme will provide similar opportunities for students to study and work abroad as the Erasmus+ programme but it will include countries across the world and aims to deliver greater value for money to taxpayers.
The new scheme will also target students from disadvantaged backgrounds and areas which did not previously have many students benefiting from Erasmus+, making life-changing opportunities accessible to everyone across the country.
The UK will reap the rewards from the investment, by boosting students’ skills and prospects, benefitting UK employers, "and supporting Global Britain’s ties with international partners".
Education Secretary Gavin Williamson said:
"We now have the chance to expand opportunities to study abroad and see more students from all backgrounds benefit from the experience. We have designed a truly international scheme which is focused on our priorities, delivers real value for money and forms an important part of our promise to level up the United Kingdom.
These opportunities will benefit both our students and our employers, as well as strengthening our ties with partners across the world."
UK organisations will be invited to bid into the scheme in early 2021. Successful applications will receive funding for administering the scheme and students taking part will receive grants to help them with the costs of their international experience.
The benefits of the exchanges to schools and colleges will be assessed and the learnings used to build on future schemes. Funding decisions for subsequent years will be subject to future spending reviews.
To meet delivery timescales, universities, colleges and schools are encouraged to begin preparation with international partners as soon as possible.
Universities UK International Director, Vivienne Stern, said:
Evidence shows that students who have international experience tend to do better academically and in employment, and the benefits are greatest for those who are least advantaged. The new Turing scheme is a fantastic development and will provide global opportunities for up to 35,000 UK students to study and work abroad.