The Education Secretary has announced an additional £1.3 billion for schools’ core funding over two years found from within the Department for Education’s budget.
The promise is that the new National Funding Formula will be introduced in 2018 as planned and that every local authority will see a rise in its per-pupil funding for schools as a result of the new formula.
The New Funding Formula
The new formula will maintain overall per-pupil funding in real terms for the next two years; and it will allow for a cash increase for every school. The breakdown is £416 million in 2018-19 and £884 million in 2019-20, on top of the core school budget set in the last spending review, meaning that funding for schools will be £2.6 billion higher in 2019-20 compared to 2017-18.
A new minimum per pupil funding limit will be set at £4,800 and The Institute for Fiscal studies says that the extra money is more generous than the amount promised in the Conservative manifesto - and will effectively freeze average school budgets at current levels over the next two years.
Local authorities will continue to set a local formula for individual schools’ budgets in 2018-19 and 2019-20, in consultation with schools in the area. This longer transition is expected to support stability for schools. A full detailed response to the national funding formula consultation, and local authorities’ gains under the new formula will be published in September.
The primary P.E. and Sports Premium will also increase from £160 million to £320 million. All primary schools will receive an increase in their P.E. and sports premium funding in the next academic year.
Read the details of Justine Greening’s statement here.