This afternoon (25th November) the Chancellor presented his Autumn Statement, setting out the Government’s spending decisions for the months and years ahead. As the Minister with responsibility for schools funding and early years education I am delighted to confirm that:
– From 2017, we will introduce the first ever national funding formula for schools. This will end the historic and unfair system in which it is possible for a child in one school to receive half as much funding as a child in an identical school elsewhere in the country.
– From 2019-20, we will spend over £6 billion a year supporting parents with their childcare costs. This includes tax free-childcare and doubling the free childcare entitlement to 30 hours a week for working families from 2017. This means that, starting from 2017, a family with two children can begin to claim childcare support worth up to £40,000 by the time both children are at school.
– Having reviewed the cost of childcare, we will invest an extra £300 million to increase the rate paid to providers for the 2, 3 and 4 year old entitlements. The new rates will be £4.88 for 3 and 4 year olds, including the EYPP, and £5.39 for 2 year olds. We will also invest at least £50m more to create additional places in nurseries.
For full details of the Statement, please visit: https://www.gov.uk/government/topical-events/autumn-statement-and-spending-review-2015