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My right hon. Friend, The Chancellor of the Exchequer, announced on 31 August 2019 that the government will invest an extra £400 million in 16-19 education in 2020-21. This represents an increase of 7% in overall 16 to 19 funding. This is the biggest injection of new money in a single year since 2010, with funding increasing faster for 16-19 than in 5-16 schooling. As part of this, the base rate of funding for all types of providers, including sixth form colleges, will be increased by 4.7% in academic year 2020-21, from £4,000 to £4,188.
As in 2019-20, the Department will meet the full cost of additional pensions’ payments for further education in 2020-21 and this is additional funding on top of the £400 million announcement.
Funding for 2021-22 onwards will be considered in the full Spending Review next year.