Adult skills funding rates untouched despite budget cuts
Adult skills funding rates in 2014/15 are to remain the same as this year, despite a 19 per cent reduction to the adult skills budget (ASB) over the next two years.
The Skills Funding Agency has published its Funding rates and formula document for the next academic year.
It shows rates, which are set per academic year, will remain at the same level as this year, in contrast to Department for Education’s full-time education funding rate for 18-year-olds. It is slashing the rate to 17.5 per cent less than that of 16 and 17-year-olds.
The ASB, which is set per financial year, currently stands at £2,467,875 and is expected to fall 11 per cent to £2,258,311 next year, and then by 19 per cent on the current budget in 2015-16 to £2,004,547.
The document also says that details of monthly cap on earnings, announced in the Skills Funding Statement, “will be published in due course”.