Taking this into account as well as the increased cost pressures identified by the National Audit Office, London’s schools will need to make savings of £360 million in the first year of the new national funding formula (2018/19) to balance their books. No school will gain enough funding from the NFF to compensate for increased cost pressures due to factors such as inflation, pensions and national insurance.
- 70 per cent of schools (over 1,500) across the capital will face budget cuts.
- The impact is widespread – 802 schools in inner London and 734 schools in outer London stand to lose funding due to the NFF.
- At least one school in every London borough will experience a reduction in funding.
- 19 London boroughs are set to lose funding, with losses ranging from 0.1 per cent to 2.8 per cent.
- 17,142 teaching assistant posts, on an average salary of £21,000.
- 12,857 qualified teachers, on an average salary of £28,000.
- This amounts to cutting 7.5 teaching assistant posts per school or cutting 5.6 qualified teachers posts per school, given that there are 2,297 mainstream schools in London.
If the government’s proposals are brought into effect, 70 per cent of schools in the capital will face budget cuts, on top of pre-existing funding reductions. London will also see larger reductions in funding than anywhere else in the country.
This comes on top of National Audit Office figures showing that educational standards across the country could plummet as schools in England face an 8 per cent real-terms cut per pupil by 2019/20 thanks to wider cost pressures.
Taking everything into account, London’s schools will need to make savings of £360 million in the first year of the new national funding formula in order to balance their books.
But at a time when UK schools are seen as underperforming by international standards, and when businesses based in London are facing massive uncertainty about recruiting skilled staff, there is an urgent need to invest in schools in London and across the rest of the country.