Chancellor reveals three-year spending review – what does this mean for schools?
Chancellor Rishi Sunak has released details of the spending review which sets out Government spending on schools for the next three years.
The Treasury has confirmed that it will allocate £4.7billion worth of additional funding for the education sector.
According to Government documents this would see a spending increase of more than £1,500 per pupil by 2024/5, with core school budgets increasing from £49.8billion in 2021/2 to £56.8 billion in 2024/25.
In his autumn Budget, the Chancellor also revealed plans to lift the public sector pay freeze, with the Minister for Schools Standards, Robin Walker subsequently confirming that a significant portion of the additional funding will need to be set aside to enable delivery of the Government’s pledge to raise new teacher starting salaries to £30,000.
Additionally, the Government has confirmed that the £4.7billion funding increase will need to factor in “public sector compensation for employer costs of Health and Social Care Levy”
Any school which has already adopted a multi-year strategy may continue this academic year without the requirement to develop a new strategy, but the new template must be used to outline the existing strategy by 31 December.
The DfE has also advised schools that the template for the 2021 to 2022 academic year does not include a requirement to enter information relating to performance measures, given the impact of COVID-19 on their production and publication.
However, in future academic years, the template will incorporate requirements relating to performance measurement data. Contact our education team for advice.
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Chancellor reveals three-year spending review – what does this mean for schools?