Schools across the country are facing a £1.6bn funding shortfall over the next five years, new figures reveal.
Released by London Councils, which represents the 32 London boroughs and the City of London, the figures found schools in England need an additional £5.6bn up to 2021/22 to ‘remain afloat’ and ‘manage the financial pressures they are experiencing’.
The Government announced a £4bn education funding package in its manifesto for the last election. However, this leaves a shortfall of £1.6bn.
The figures take into account a range of cost pressures such as pupil population growth, inflation, national insurance payments, pension contributions and the apprenticeship levy.
Of the national school funding shortfall of £1.6bn, London schools will experience a £300m shortfall between now and 2021/22.
‘Providing children across the country with the highest standard of education is vitally important,’ said Cllr Peter John OBE, deputy chair of London Councils and executive member with responsibility for schools.
‘We are calling on Government to recognise that it has not gone far enough to protect school budgets in real terms.
‘By investing a further £1.6 billion, on top of the £4 billion pledged in the manifesto, Government would honour its commitment to shield every school in the country from funding cuts.’