Spending Review 2020
Rishi Sunak announces funding for schools and colleges.
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.
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.