The end of the school year is not a time to forget our schools. It is a time to set them up for the future and the start of a new school year in September.
For some time now I have added my voice to those calling for better and fairer funding for our schools. I am delighted that an additional £1.3 billion investment in schools on top of the commitment we made at the 2015 Spending Review has been made. What that means is that the Core Funding of schools currently stands at nearly £41 billion this year and will rise to £43.5 billion by 2019-20. This represents an increase of £2.6 billion between this year and 2019-20, and funding per pupil will now be maintained in real terms for the remaining two years of the Spending Review.
Life is all about the choices we make so this investment is funded by reallocating existing expenditure within the Department of Education rather than putting up taxes or borrowing more which will land the next generation with the debt.
The additional funding means that, through the new national funding formula, we can increase the basic amount that every pupil attracts in 2018-19 and 2019-20, while we continue to protect funding for pupils who have additional needs. We will also ensure that every secondary school attracts at least £4,800 per pupil during this period. The distribution of funds is through a national formula. As I said at the hustings in Thame during the General Election, no school will lose any funding as a result of the new formula and all schools will get some increase.
So let us be clear that there will be gains for each local authority and every local authority will see some increase over the amount they plan to spend on schools and high needs in the current year. What we are about is an education system that unlocks potential for every child.