The Chancellor of the Exchequer took to the stand on Wednesday 3rd March to announce the new 2021 Budget to parliament. The announcement details a three-point plan for Britain in a path to recovery following the pandemic.
According to the Chancellor, the economy shrunk by 10% which is the largest reduction seen in over 300 years. Borrowing has too been the highest on record since wartime. It has also been reported that over 700,000 jobs were lost since the pandemic began one year ago. The continued aftermath from this global crisis couldn’t be clearer.
However, with thanks to the incredible front-line staff and volunteers in the NHS, better prospects and a brighter future lay ahead for Britain. In fact, the Chancellor moves on to state that the OBR (Office for Budget Responsibility) now predicts a speedier recovery than previously thought.
With light at the end of the tunnel, we examine how the 2021 Budget will support schools and the education sector on the road to recovery.
Covid-19 Support
The 2021 Budget revealed £700 million for catch-up funding. This consists of £300 million Recovery Premium for state primary and secondary schools, £200 million for tutoring programmes and early language supports and £200 million for face-to-face summer school for secondary schools.
The budget doesn’t reveal any other funding for covid-support outside of the £3 billion announced last year. The Budget does details that this will continue to include supplementary support for free schools’ meals and the skill and training measures.
Skills & Training Measures
Action will be taken to provide young people and adults the skills needed to get jobs. This includes doubling the number of work coaches, providing fully funded qualifications and high-quality jobs.
Incentive payments have been doubled for businesses hiring apprentices. This is now £3,000 and applies to apprentices of all ages.
These new actions will work alongside the prior funding schemes announced in 2020; the Restart scheme, the Kickstart scheme.
Summary
When we review the total education budget available for schools 2021-22 (£77.2 billion), we can see an overall increase of 3.1 billion compared to the previous year.
The budget may have provided reassurance for some, but for others it was disappointing, with little new funding announced for schools since the prior Spending Review.
Here at Paper Plus we can only look forward to continuing to support our customers maximise their budget through smart and innovative product choices.