All posts tagged: Budget 2024

What does Labour’s first budget mean for education?

What does Labour’s first budget mean for education?

Published by skeptic

More from this theme Recent articles The government pledged extra cash for schools and SEND at last week’s budget. Now the dust has settled, here’s what we know… £2.3bn budget boost means return to 2010 levels (but difficult decisions ahead) The chancellor Rachel Reeves announced the core schools budget would increase by £2.3 billion next year. However, £1 billion is specifically for high-needs. The Institute for Fiscal Studies (IFS) has said the increase represents a 1.4 per cent real-terms increase in total spending, or 1.6 per cent in spending per pupil. Luke Sibieta, an IFS research fellow, said the growth in core school spending would lift spending per pupil, after adjusting for inflation, to about £8,100 – just above its “high point of £8,000 in 2010”. The Conservatives promised for years that funding rises would restore budgets to 2010 levels in real terms, but inflation and cost rises kept setting the pledge back. The government has also said the £1.3 billion would “continue to fully fund this summer’s 5.5 per cent pay award for teachers, …

Most of £1bn SEND injection will plug deficits

Most of £1bn SEND injection will plug deficits

Published by skeptic

More from this theme Recent articles The government expects most of the £1 billion extra high needs funding for next year announced at today’s budget to plug councils’ SEND deficits. The investment forms part of a £2.3 billion planned increase in school funding for the 2025-26 announced by chancellor Rachel Reeves today. The funding relates only to the next financial year, and further years’ budgets will be determined in the second phase of the government’s spending review, due to conclude in March. Here’s what schools need to know… 1. £2.3bn core schools budget increase The core schools budget will increase by an extra £2.3 billion for the 2025-26 financial year, which the Treasury said works out as an increase in per pupil funding in real terms.  This takes the budget from £61.6 billion this year to £63.9 billion next year, real terms growth of 1.8 per cent. It follows several recent increases in school funding, largely to pay for staff pay rises. 2. £1bn for SEND, but most will cover deficits Of the £2.3 billion …

What does Labour’s first budget mean for education?

£2.3bn more for schools including £1bn for SEND

Published by skeptic

Chancellor Rachel Reeves delivers first Labour budget in 14 years Chancellor Rachel Reeves delivers first Labour budget in 14 years More from this theme Recent articles The core schools budget will increase by £2.3 billion next year to “support” the government’s pledge to hire thousands more teachers. The chancellor Rachel Reeves also announced during her budget speech today that she was providing a £1 billion uplift in funding to support work to reform the system for pupils with special educational needs. However, budget documents reveal that £1 billion will come from the overall £2.3 billion increase in school spending. Employers’ national insurance contributions are increasing by 1.2 percentage points as part of a £40 billion package of tax rises. The Treasury has said the Department for Education will get some money to help schools cover their costs, but won’t confirm how much until the spring. In her budget address, Reeves said: “I am increasing the core schools budget by £2.3 billion next year to support our pledge to hire thousands more teachers into key subjects.” …

X Users Correct Tories Incorrect Tax Cut Claim

X Users Correct Tories Incorrect Tax Cut Claim

Published by Sam

The Tories have been humiliatingly community noted on X after wrongly claiming to be cutting taxes. The party made the claim the day after Jeremy Hunt announced he was reducing national insurance by another 2p. However, the independent Office for Budget Responsibility has pointed out that the overall tax burden is still on course to hit a post-war high by 2028/29. Nevertheless, the Conservatives’ official X account still posted a graphic claiming: “We’re cutting your taxes … again. That means the average worker on £35k will save £900 this year.” The accompanying message said: “This is what happens when you stick with the plan that’s working.” But the community note below it pointed out: “This is misleading, as under the Conservatives the UK tax burden is currently at a record high.” The slapdown came as Tory plans to scrap national insurance entirely became mired in confusion. Hunt – who has reduced the charge from 12p to 8p in the pound since November – hinted that it could be abolished entirely if the Conservatives are re-elected. …

Millennials Benefit Most From Budget Top Think Tank Reports

Millennials Benefit Most From Budget Top Think Tank Reports

Published by Sam

Millennials were the main winners from the Budget, according to a leading think-tank. The Resolution Foundation said households headed by someone aged between 18 and 45 will gain £590 on average from the tax and spending changes announced yesterday by Jeremy Hunt. By contrast, those aged 66 and over will lose £770 on average. Torsten Bell, the think-tank’s chief executive, said: “Looking at all policy changes announced this parliament reinforces the sense that the government has reversed course from the approach that dominated during the 2010s. “Back then, support was focused on pensioners and takeaways on poorer, younger households. This time it is those aged over 65 and on the highest incomes who are set to lose most.” Elsewhere in its post-Budget analysis, the Resolution Foundation said that average wages in the UK have stagnated for nearly 20 years, leaving the average worker £14,000 a year worse off than they would otherwise have been. And they also said the £9 billion of tax cuts unveiled by Hunt yesterday will be “dwarfed” by £27 billion-worth of …

Jeremy Hunts Boring Budget Dims May Election Chances

Jeremy Hunts Boring Budget Dims May Election Chances

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As Jeremy Hunt delivered one of the most boring Budgets in living memory, it became clear that Rishi Sunak is on course to finally keep one promise to voters. The prime minister said in January that his “working assumption” was that the general election would be in the second half of the year. After the chancellor’s steadfast refusal to announce much in the way of voter-friendly giveaways, it seems clear that the chances of a May election – as demanded by Labour – are receding. Even Tory MPs were decidedly non-plussed by what Hunt had to offer. One told HuffPost UK from inside the Commons chamber: “This is the worst delivery of a Budget I can remember. He’s lost the room.” If Hunt couldn’t even enthuse his own backbenchers, how could he possibly hope to win over undecided voters? The chancellor’s headline announcement – a 2p cut in national insurance – is unlikely to change the political weather either, given that when he pulled the same trick last November it had zero impact on the …

Tory Minister Criticises Budget Announcement

Tory Minister Criticises Budget Announcement

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A government minister has criticised one of the main announcements in Jeremy Hunt’s Budget. In a highly unusual move, Andrew Bowie said the chancellor’s decision to extend the windfall tax on the profits of North Sea oil and gas firms was “deeply disappointing”. HuffPost UK revealed how the chancellor is facing a major rebellion from Scottish Tory MPs over the move. They say extending the so-called “energy profits levy” (EPL) will put jobs in the north east of Scotland at risk. Douglas Ross, leader of the Scottish Conservatives, said: “We will always stand up for the livelihoods of the almost 100,000 Scottish workers who depend on our oil and gas industry. “Unlike Labour and the SNP who would stop any new developments, we will not support any action that would put those jobs at risk. “As such, while I support many of the Budget measures, as Scottish Conservative Leader I will not vote for this extension when it is brought before Parliament.” Bowie, the minister for nuclear and renewables, is MP for West Aberdeenshire and …

Jeremy Hunt Presents Budget With No Surprises

Jeremy Hunt Presents Budget With No Surprises

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Jeremy Hunt delivered a deadly dull Budget full of things we already knew as even Tory MPs declared it a dud. The chancellor spent more than an hour boring the country as he simply confirmed what had already been trailed in advance by the Treasury. As expected, he announced that he was cutting 2p off national insurance for the second time in four months. The windfall tax on the profits of North Sea oil and gas companies is being extended by a year – teeing up a major rebellion by Scottish Tory MPs. Hunt also confirmed that he is stealing one of Labour’s flagship policies by scrapping the so-called “non-dom” tax status enjoyed by wealthy foreigners living in the UK. The move will raise an extra £1.5 billion for the government. Fuel duty is also being frozen for another year, as is alcohol duty – another two announcements which were known well in advance. The one new announcement is a shake-up of child benefit rules to make it fairer and less confusing. At the moment, …

Tory Peer Criticises Jeremy Hunt Over National Insurance Cut

Tory Peer Criticises Jeremy Hunt Over National Insurance Cut

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A Tory peer has criticised Jeremy Hunt’s decision to only cut national insurance in the Budget. The Chancellor will slash another 2p off NI – the second such cut in the rate in just four months. However, he is set to ignore calls from Tory backbenchers for him to reduce income tax as well. Appearing on Sky News on Tuesday evening, former minister Lord Frost said Hunt was not being ambitious enough. He said: “The economy is not growing, incomes per head are actually falling and people can feel it. “We need something that deals with that and I’m afraid, welcome as a 2p cut in national insurance would be, it is really just sort of fiddling while Rome burns, I’m afraid.” Lord Frost’s comments echo those of other right-wing Conservatives, who want to see income tax come down. Former home secretary Suella Braverman told GB News: “My preference would be 2p off the basic rate of income tax, and Rishi Sunak himself promised to take a penny off the basic rate and I would …

Social support not just about handouts but ‘giving people a leg up’, says DPM Wong

Social support not just about handouts but ‘giving people a leg up’, says DPM Wong

Published by Sam

SINGAPORE: Social support is “not just about giving handouts”, but giving people “a leg up”, said Deputy Prime Minister and Finance Minister Lawrence Wong on Wednesday (Feb 28).  In his closing speech for the Budget debate, Mr Wong stressed that Singapore is spending more on social support in this Budget and that a substantial portion is spent on structural schemes, not temporary measures.  Some Members of Parliament (MPs) would like the government to do even more, but other members have cautioned the government to proceed carefully, to avoid breeding a sense of entitlement, dependency or undermining individual responsibility and self-reliance, he added.  “We are very careful about getting this balance right. We have not changed our ethos of social support. It is not just about giving handouts, but it’s about giving people a leg up,” said Mr Wong. The ComLink+ and SkillsFuture Level-Up programmes have been designed so as not to erode personal and family responsibility, he added.  Under ComLink+, lower-income families can receive financial top-ups when they make progress on long-term goals, working with …