The government will pump nearly £500 million into colleges over the next two years to help fund pay rises, it has been announced.
An agreement has been reached with the Treasury by education secretary Gillian Keegan to fund colleges by an additional £185 million in 2023/24 and £285 million for 2024/25. The new funding will be added through the 16-19 funding formula, FE Week understands.
The Department for Education announced the new funding in a blog post explaining its school teacher pay announcement. It said:
“We will invest £185 million in 2023-24 and £285 million in 2024-25 to drive forward skills delivery in the further education sector. This funding will help colleges and other providers to address key priorities which are of critical importance to our economic growth and prosperity.”
