The Government has revealed its plans for a new national fair funding formula to be introduced from 2017, to ensure that the money allocated to schools is fair.
George Osborne announced details regarding the plans during his recent Spending Review, and he added that the new formula will “end the unfair system where a child from a disadvantaged background in one school attracts half as much funding as a child in identical circumstances in another school, simply because of where they live”.
Under the current system, schools receive funding for each pupil with rates ranging from approximately £4,200 to £6,800, depending on a formula that considers a range of demographic factors.
A consultation will be launched in 2016 on how the new formula will operate, which will then result in it being implemented from 2017.
This week, petitions from 86 MPs have also been submitted to Parliament, to emphasise the importance of the new national funding formula for schools in England.
The Coalition Government made commitments to assessing the way funding was allocated to schools during the last Parliament, but the move was delayed until the recent review was announced.
Graham Stuart, an MP and former Education Select Committee chairman, has been campaigning for a fairer funding system since he was elected in 2005, and he presented the petition on behalf of himself and other MPs.
While no consultation date has yet been announced, it is hoped that the additional political support for the issue will ensure that it is treated as a priority.