Central government has announced they will be allotting additional funding of over £14bn to primary and secondary education between now and 2022-23. The funding package will include £2.6bn for 2020-21, £4.8bn for 2021-2022, and a further £7.1bn for 2022-2023. They have also announced an additional £1.5bn per annum to support additional pension costs. This will bring the schools budget to circa £52.2bn by 2022-2023.
This funding is part of the pledge made by central government to provide all young people with the same opportunities to succeed; by providing a minimum funding of £5,000 per pupil for every secondary school. Every primary school will also benefit from a minimum funding of £3,750 next year rising to £4,000 per pupil.
According to the DfE, maintained schools will receive their first sum of extra funding from April 2020 and academies will receive their extra funding from September 2020.
This new funding will include £780m in 2020-21 to help children with Special Educational Needs and Disabilities (SEND) in order to support them to reach their full potential.
The DfE has stated, the increased funding is set to:
- Ensure that per-pupil funding for all schools can rise at least in line with inflation
- Progress the implementation of the national funding formula, delivering benefits in full to all areas which have been historically under-funded.
- Give schools the certainty that is required in order to plan their budgets.
If you would like to find out more information, follow the link below to the DfE website which outlines the national funding formulae (NFF) allocations for 2020-21: https://www.gov.uk/government/publications/national-funding-formula-tables-for-schools-and-high-needs-2020-to-2021
If you would like more information on how SAAF could support with annual budget setting and medium term financial planning in line with the government’s funding announcements please contact us using the link below.