Stuart Anderson MP is delighted that local schools across Wolverhampton South West are set to benefit from an extra £2.4 million. It means that a typical primary school with 200 pupils will receive approximately £35,000 in additional funding, while a typical secondary school with 900 pupils will receive approximately an extra £200,000. It is part of the Government’s Mainstream Schools Additional Grant, a £2 billion injection of new funding into schools – being made in this year and next year – to top up their budgets and help headteachers manage higher costs like energy bills and teacher pay. Schools can also choose to invest the funding in trips and learning materials.
The grant represents a significant funding increase for schools, worth an average 3.4% per pupil in 2023-24. This is on top of the £1.5 billion increase schools were already set to receive in 2023-24, bringing the overall funding increase this year to £3.5 billion, compared to 2022-23. The Institute for Fiscal Studies has said that the uplift means that 2024–25 will be the highest spending year in history for schools. In total, schools will receive £58.8 billion in 2024-25 – meaning that the Government is putting more into schools than ever before. It also means school funding is set to rise faster than forecast inflation in both 2023–24 and 2024–25.
Schools will receive their first payment by 10 May 2023 and will be able to choose how best to invest the extra funding - including to pay for teacher salary uplifts and teaching assistants. The remainder of the £2 billion funding boost will be used to increase Pupil Premium funding rates, which are rising by five per cent in 2023–24. This will help support disadvantaged pupils, local authorities’ high needs budgets, and special schools, making sure every child with special educational needs and disabilities receives the support and high quality education they deserve.
Stuart Anderson MP said: “As a parent, I am determined to ensure that everyone receives a world-class education. That’s why I am delighted that schools across Wolverhampton South West will benefit from an extra £2.4 million. This significant funding boost will enable our schools to invest in their workforce while delivering better resources and opportunities for our city’s children and young people - particularly those who need extra support so that they too can fulfil their potential.”
Education Secretary Gillian Keegan said: “I am hugely grateful to all our fantastic teachers, school leaders and support staff for all their incredible work and the immeasurable impact they have on the lives of children every day. Teachers must continue to have the resources they need, and this extra cash will make sure that they do. With school funding set to be at its highest ever level next year, even accounting for inflation, parents everywhere can be confident schools are being supported to let teachers get on and do what they do best - teach.”