The government has announced an additional £125 million in funding for schools, colleges, and other providers of education for 16-19 year-olds for the upcoming year (2023-2024).
The goal of this funding increase is to ensure that young people from all backgrounds have access to the courses and qualifications they need to build successful careers, including T Levels and A Levels, as well as to meet the future skills needs of businesses and the economy.
Minister for Skills, Apprenticeships and Higher Education, Robert Halfon, stated, "Our ambition is to transform young people's life chances by giving them the chance to climb the education and skills ladder of opportunity." He went on to say that this funding increase is in line with that ambition, and will go towards resources and skills qualifications that will offer more learning for students and access to high-quality qualifications.
This funding increase will include a 2.2% increase in the national funding rate for students aged 16-17 and for students aged 18 and over with high needs, bringing it up to £4,642. Additionally, funding will continue to be provided for an extra 40 hours per student to support them catching up on time lost due to the pandemic. Specific subjects such as engineering, construction, and digital will also see an increase in funding rates to help education providers with the additional costs of recruiting and retaining great teachers.
This funding boost is part of the larger £1.6 billion for further education announced at the Spending Review in 2021. Additionally, it is an increase over the £291m announced for 16-19 education in 2021-2022 and the £400m increase in funding provided in 2020-2021. The government is making a concerted effort to ensure that young people have access to the best possible education, and this funding increase is a step towards that goal. With the additional funding, schools and colleges will be able to offer more resources, hiring more teachers and staff, and providing students with the support they need to succeed in their chosen fields.
In conclusion, the government's £125 million funding boost for schools, colleges, and other providers of education for 16-19 year-olds is a vital step towards ensuring that all young people have access to the courses and qualifications they need to build successful careers. This funding increase will not only benefit the students, but also the economy as a whole, ensuring that businesses have access to the skilled workforce they need for the future. The government's commitment to investing in education and skills qualifications is a clear indication of their dedication to transforming young people's life chances and giving them the opportunity to climb the ladder of opportunity.
