There needs to be a radical overhaul in the teaching of foreign languages in schools, according to a new Manifesto for Languages.

The All-Party Parliamentary Group (APPG) on Modern Languages states that possessing proficiency in another language is important for education and skills, the economy and international engagement.

It noted that while English is one of the most important and accessible languages, highly accessible in many parts of the world, being capable in this alone is "as much of a disadvantage as speaking no English".

The report highlighted next year's general election as an opportune moment for all political parties to make short, medium and long-term "milestone commitments" to transform the "UK's national capacity in modern languages".

The APPG is unequivocal on the matter, explaining that if the next government fails to make some sort of pledge, there will be some serious consequences.

This includes restricting and even harming the nation's economy with businesses having limited global trading capabilities; and British graduates losing out to international counterparts in the worldwide jobs market.

The manifesto recommends "sustained action" to boost the UK's proficiency in languages and prevent the growing trend for language competence to be "the preserve of an intellectual or affluent elite".

Baroness Coussins, chairman of the APPG, urged politicians to "to take clear, urgent and coherent action to upgrade the UK's foreign language skills".

"The UK economy is already losing around £50 billion a year in lost contracts because of a lack of language skills in the workforce," she continued.

"And we aren't just talking about high-flyers: in 2011 over 27 per cent of admin and clerical jobs went unfilled because of the languages deficit."

Other recommendations coming out of the manifesto include the provision of high quality language learning for children from the age of seven, with teachers given even greater support and training to enhance their skills.

The APPG also advocates greater participation from businesses in "tackling the crisis", which would result in active collaboration with schools. They would also be offered tax breaks.