State schools in England will receive a funding boost of £2.3bn a year for the next two years, Jeremy Hunt has announced, with the Treasury saying the extra funds amount to an “average cash increase for every pupil of more than £1,000 by 2024-25” compared with last year.
The extra cash would see core schools funding rise from £53.8bn this year to £58.8bn by 2025, meeting a previous pledge by the government to restore funding for pupils up to the age of 16 back to 2010 levels in real terms.
The Institute for Fiscal Studies noted that the extra money was funded “in large part by recycling £5bn previously earmarked for increasing overseas aid spending”. The £2.3bn also includes £300m that the Treasury will no longer claw back from schools, after being budgeted for the planned rise in national insurance that was reversed earlier this year.
