I am delighted that the Government has announced an additional £1.3 billion of funding for schools over two years. This additional investment comes on top of the commitment made at the 2015 Spending Review and means that core funding for schools and high needs will rise from nearly £41 billion in 2017-18 to £42.4 billion in 2018-19 and £43.5 billion in 2019-20. Funding per pupil will now be maintained in real terms for the remaining two years of the Spending Review.
The introduction of a national funding formula will begin to ensure that we can distribute this funding fairly and transparently, ending the current unfair postcode lottery. I am pleased that not only will no school will lose funding as result of the new formula, but the Government will provide for a 0.5% cash increase for every school in 2018-19 and 2019-20. Those schools that have been underfunded will see increases of up to 3% in both years.
This funding will ensure that, working with teachers and schools across the country, we can continue to raise standards and give every child the best possible education, and the best opportunities for the future.
The Education Secretary’s statement to Parliament announcing this additional funding can be found here: https://www.gov.uk/government/speeches/justine-greening-statement-to-parliament-on-school-funding.