Further Education College Finances 2020-09-07
2020-09-07
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Coronavirus has led to financial uncertainty for FE colleges, with potential funding gaps of up to £2 billion.
FE colleges provide lifelong learning and are crucial for the levelling-up agenda. However, due to coronavirus, many have a significant black hole in their funding, facing reductions in commercial income and uncertainty about apprenticeship starts. The Sixth Form Colleges Association suggests necessary yearly funding of £4,760 per student aged 16-18.
We have FE colleges at the heart of our plans with a big reform in progress. Grant funding for 2019-20 and 2020-21 is being paid monthly. Additional £96 million catch-up funding was provided, along with £200 million for building improvements. A team supports every college needing assistance; only five have used emergency funding so far.
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