Boosts to college funding and T Level teaching hours are part of a £3 billion plus package announced today (Wednesday October 27) in the Governments budget for post 16 education and skills for 2022/23, 2023/24 and 2024/25. It is the first multi-year spending review since 2015.
Part of the spending increase on skills will include £550 million for a National Skills Fund which will see Skills Bootcamp places quadruple, an expansion of the level 3 adult course offer, an additional 24,000 more traineeships per year and the launch of ‘Multiply’: a new adult numeracy programme supported through the Shared Prosperity Fund.
The spending review will also see more Capital Funding, with £830 million allocated to revitalising colleges in England plus increases to the T Level capital programme.
16 to 19 education will see the biggest jump in funding with a £1.6 billion increase by the end of the spending review period. Part of that will fund additional hours for up to 100,000 young people taking T Levels.
A continuation of the Turing Scheme for three more years, at £110 million a year.
And, by the end of the spending review period in 2024/25, the apprenticeships budget will have increased to £2.7 billion - a £170 million increase. This will fund new improvements to support more small businesses to hire new apprentices.
Nottingham College’s Executive Director Employer Services, Lisa Wilson, commented:
The College welcomes the Government’s budget announcement today and the additional funding that has been earmarked for post-16 education and skills, which will benefit both our young and adult learners. We are looking forward to the first year of the Turing scheme taking place this year and bringing T Levels into our offer from 2023, whilst the new Capital Fund will enable colleges like ourselves to expand, upgrade and make vital adjustments to our existing estate to ensure we can meet the future needs of the economy. The National Skills Fund will enable us to be more flexible and responsive to the needs of employers giving us more opportunity to run tailored Skills Bootcamps, upgrade our facilities and resources and cater for a changing economy.Lisa Wilson - Executive Director Employer Services