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This paper draws together findings from a recent program of research to estimate the social rate of return to apprenticeship training and how the costs of training are distributed. Reforms taking place under the New Apprenticeships System are intended to shift the distribution of costs in line with predicted theory by placing a greater cost burden on apprentices for general training and increasing the specificity of training. It is suggested that these changes may stimulate apprenticeship training, however there is a danger that such reforms may undermine an institutional system which has been successful in the past.