The Chancellor has announced his Budget and again it’s great news for education and education suppliers.
With a total increase of £116 billion promised to education over five years, schools and colleges across the country can be expecting an average increase of 4% in funding per pupil.
But how does this benefit education suppliers?
Well, we have combed through the Budget report and have broken it all down for you:
Extra funding for Arts and Physical Education
The Budget will provide £120 million to help boost Physical Education (P.E.) and Arts in schools.
Secondary Schools will receive an average of £25,000 a year for art activities, and Primary Schools will be getting £29 million a year by 2023-24 to help support the teaching of P.E., along with helping to improve sports facilities.
How this benefits education suppliers:
With the possibility of new facilities,
new classrooms, and new extra-curricular activities, this is a great opportunity to talk to schools about their supply needs and what could help improve their facilities.
Why not take a look at our guide to school spending to get a good idea of how schools may invest this money.
STEMs capital investment
The Chancellor has stated that £7 million from the Budget will be made available to open 11 new specialist maths schools across the country and eight new Institutes of Technology.
How this benefits education suppliers:
If you work specifically in science, technology, engineering or maths, you should keep your eyes peeled for new schools and institutions opening across the country because they are all going to need resources.
And while you wait, take a look at
how schools buy to see how these schools could be purchasing in the future.
College estates and T Levels
Further Education (F.E.) College estates are getting a £1.5 billion boost over five years to improve their grounds and facilities.
In addition, £95 million has been pledged by the government to T Level providers to invest in facilities and industry-standard equipment. This T Level funding was announced back in February.
How this benefits education suppliers:
Investment in college grounds and facilities is always a good thing as it means suppliers in construction, ground maintenance and landscaping will be in high demand by
F.E. Colleges.
Regarding the T Level investment, although this funding was originally scheduled for February the money has now been made available to colleges to upgrade or even replace their equipment. Therefore, colleges and providers will be on the lookout for suppliers who can help them upgrade or improve.
On top of all this, it was also announced that schools would receive a share of a £640 billion pot for capital funding by 2024-25, so even more money is being made available to the education sector.
This is all great news for education and education suppliers. Increases in budgets create more opportunities for education suppliers to support schools and provide them with valuable resources and supplies.
Take a look at our school finances guide to find out how schools may be looking to use this budget and where you could fit in.
Or contact one of our Client Campaign Strategists who’d be happy to help.
Get in touch now
Source of Budget information: https://www.gov.uk/government/publications/budget-2020-documents
