The last Conservative Government confirmed that schools will receive £2 billion of additional funding during both the 2023-24 and 2024-25 academic years. That was the funding increase requested by the education unions and will be the highest real terms spending on schools in history, totalling £58.8 billion by 2024/25.
It also means school funding is set to rise faster than forecast inflation in both 2023/24 and 2024/25. Mainstream schools in England will receive an average of £6,000 for each pupil from the next financial year through the National Funding Formula, with additional funding for teacher pay on top of that. The independent Institute for Fiscal Studies has confirmed that per pupil funding will be at its highest ever level in real terms in the next academic year.
This follows the Government giving teachers in England the highest pay award for 30 years (with a 6.5 per cent pay rise) after the Government accepted the recommendations of the independent pay review body. By doing so, the Government is keeping its manifesto promise to raise the minimum starting salary for teachers to £30,000 from September.
The Department for Education has confirmed plans to renovate 500 schools in England over the next decade. In December 2022, the Government announced that a further 239 schools and sixth form colleges have been selected for the School Rebuilding Programme, which means that in total 400 schools have benefited to date. The Government has allocated over £13 billion since 2015 to maintain and improve school facilities across England, including £1.8 billion last year, and an additional £500 million in capital funding to schools and colleges this financial year for energy efficiency upgrades.
I have long argued for schools in rural areas to receive fair funding, so I am delighted by this significant financial boost for Shropshire schools. The extra funds will also target those schools which need the most support, so parents can be sure their children are getting a world class education regardless of their background.
