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Spending Review 2020

Rishi Sunak announces funding for schools and colleges. 

Schools

Sunak announced in the spending review on 25th November that school funding in England will be increased by £2.2bn next year. The chancellor said that Government will stick to the spending plan it first announced in August 2019 to boost the schools’ budget by an extra £7.1bn by 2022-23 along with funds to rebuild 500 schools over the next decade.

School staff earning over £24,000, alongside some 1.3 million public sector workers will see a pay freeze.

Further Education & Skills

The chancellor announced capital fund of £1.5bn to rebuild colleges. £291m would be made available to maintain ‘per student’ funding in further education and £375m for the ‘lifetime skills guarantee’, which offers a fully funded college course to people over 18 without an A-level or equivalent qualification. He also wants to extend traineeships, sector-based work academies and the national careers service as well as improve the way the apprenticeships system works for businesses.

Supporting Unemployment

As part of the Spending Review, Sunak also announced a £2.9 billion ‘Restart Scheme’ designed to help one million people in the UK find work after the impact of COVID-19.

This scheme will target those who have been out of work for over a year and will give people regular, intensive support that is tailored to their circumstances. The Restart Scheme will mainly be focussed on workers who are older and will start with £400 million of funding next year.

Furthermore, the Treasury have also outlined a further £1.4 billion of funding to increase capacity at Job Centre Plus to help the unemployed seeking work.

Mr Sunak has also announced a top-up of £1.6 billion to the Kickstart scheme which was previously given £2 billion in funding. The scheme aims to create new job placements for 16 to 24 year olds who are on Universal Credit. 23 and 24-year olds will also qualify for national living wage for the first time.