Peterborough’s schools are to receive more money from the Government from next year.
Education Secretary Justine Greening announced today (Thursday, September 14) that schools in the city will receive more than £5.2 million on top of their existing funding - a rise of 3.5 per cent per year.
Cambridgeshire schools will also receive a rise of 4.4 per cent.
The new National Funding Formula (NFF) for 2018/19 and 2019/20 follows two major consultations, generating more than 26,000 responses.
The NFF allocates:
. an increase in the basic amount allocated for every pupil
. a minimum per pupil funding level for both secondaries and primaries to target the lowest funded schools
. a minimum cash increase for every school of one per cent per pupil by 2019-20, with the most underfunded schools seeing rises of three per cent per pupil in 2018-19 and 2019-20
. a £110,000 lump sum for every school to help with fixed costs and an additional £26 million to rural and isolated schools to help them manage their unique challenges
The Education Secretary said: “Standards are rising across our school system and a fairer funding formula will ensure we can build on that success.
“It will replace the outdated funding system which saw our children have very different amounts invested in their education purely because of where they were growing up.
“That was unacceptable and we have now made school funding fairer between schools for the first time in decades.
“It’s a long overdue reform and our £1.3 billion extra funding means every school can gain.”