The Autumn 2022 Statement: Increased Budgets for Schools
With the UK now officially in an economic recession, you may be wondering what this means for education and specifically for your marketing to schools.
Although lots of sectors will see spending cuts, schools are set to receive an increase in funding over the next few years.
And, according to the Institute of Fiscal Studies, this is estimated to be greater than the increase in costs schools are facing.
We expect there’ll be lots of new opportunities for education suppliers to help schools support their pupils and staff.
To help you understand what the Autumn Statement means for you, we’ve pulled out all the key info. You’ll also find our top tips and school spending insights below to help you get the most out of your marketing campaigns.
Key Points From the Autumn Statement
The education and school budget is set to increase.
The government will invest an extra £2.3bn in schools in 2023 and in 2024. This increase in funding equates to around £1,000 more for every pupil by 2025.
The overall education budget for the current financial year (2022-2023) is estimated to be around £83.4bn.
This is expected to increase to £88.2bn in the 2023-24 financial year and £88.7bn in 2024-25.
The school budget for the current financial year is expected to be around £53.8bn.
This is expected to increase to £57.3bn in 2023-24 and £58.8bn in 2024-25.
Schools in Scotland, Wales and Northern Ireland will receive extra funding.
The Scottish government is set to receive an extra £1.5bn, the Welsh government will receive £1.2bn and the Northern Ireland Executive will receive £650m to help support schools and the NHS.
In addition to increased school budgets, the government already announced lots of new funding for schools in 2021 and 2022 which they can still access to support with their education recovery. From mental health grants to high speed internet, the funding covers a diverse range of areas.
You can find out more about all the available funding here.
Here’s some key info to help you plan your marketing:
- 6th April 2023 – New financial year for State Schools.
- 1st September 2023 – New financial year for Academy Schools.
- 80% of schools start budget planning at least 3 months before the new financial year.
- 68% of schools start budget planning at least 6 months before.
That’s why now’s a great time to run a marketing campaign and connect with education staff!
Our Top Tips
Just like other businesses and organisations, schools will face financial challenges in the coming months and years. However, the positive news is that schools budgets will continue to increase. Here are some top tips to help you support them and ensure you’re maximising your conversion rate:
Schools and education staff will be keen to find cost-effective products and services to help them get the most out of their budgets. That’s why we strongly recommend running discounts and offers on your products and services where you can. If this isn’t possible, why not offer them something for free? For example, free learning resources, free revision posters or a free demo.ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ ㅤㅤ
Build and strengthen your relationships with schools throughout the academic year. Schools will need extra time to research and plan what they’ll spend their budgets on. That’s why it’s important to plant the seed early, and build your brand awareness regularly throughout the academic year. We know that school spending takes place all year round so don’t be afraid to reach out.
Try to be as flexible as possible. The more flexible you can be with your pricing and packages, the better. If you can demonstrate you can tailor your products and services to a school’s specific cohort and unique budget, they’ll be more inclined to invest.
Ready to get started?
Get in touch today with our friendly team to get planning your next marketing campaigns.