Following the success of last year’s event, Pearson is thrilled to announce our free virtual Digital Live conference is back this spring, taking place between 26-29 April. Join us as we reflect on a year of unprecedented digital transformation and explore what next – from practical ideas to exploring the latest innovations.
Our theme for this event is ‘Evolving Education’, where we’ve invited educators from across the curriculum and industry experts to explore practical delivery ideas to support blended teaching and learning, and discuss key themes relating to the world of EdTech. As you adapt to the latest situation, there will inevitably be ongoing disruption and the need to support groups of students via a combination of both online and offline learning. The key themes for the event are:
A year of reflection: join us as we discuss lessons learnt from teaching remotely plus approaches and techniques to optimising blended learning, and ideas on how to use technology to engage adult learners.
EdTech advances for a future beyond the classroom: learn more about onscreen assessment, developing entrepreneurial and employability skills, and how to embrace digital innovation in colleges.
Supporting disadvantaged and SEN students: watch our panel discussion on using technology most effectively for students with special educational needs; plus, techniques to overcome the lack of access to technology for those from disadvantaged backgrounds.
Inspiration and innovation: join us for a workshop by an artist in residence, and gain tips on using creative media.
We’d welcome all educators to join us at Digital Live – follow the link to find the detailed agenda, profiles of the speakers and register today.
The country’s biggest skills and careers event has been cancelled for a second year – but national skills competitions are back.
WorldSkills UK LIVE, which takes place annually at the NEC in Birmingham, was called off last year owing to the Covid-19 pandemic. The continued uncertainty around large scale events has meant it also cannot go ahead this year.
The event usually hosts the UK’s national finals for WorldSkills competitors, which were also cancelled last year.
The competition is however returning for 2021 and applications have opened today. Organiser WorldSkills UK said it is working with its partners to host the national finals in various locations throughout the UK.
Run in over 60 different skills ranging from digital, engineering, construction through to health, lifestyle and hospitality, winners can represent the UK at the international WorldSkills competition, known as the ‘skills Olympics’.
They take place every two years in cities around the world. WorldSkills UK is currently training a squad of apprentices and students to take part in WorldSkills Shanghai 2022.
‘We want to recognise the importance and value of skilled work’
Dee Aylett-Smith, head of national competitions and careers at WorldSkills UK, said: “We know that young people have been disproportionately affected by this pandemic and that is why we have relaunched our competitions-based development programme to support more young people develop the high-quality skills employers are looking for.
“By celebrating the talent, we have right across the UK, we want to recognise the importance and value of skilled work and encourage more young people to choose high-quality education and apprenticeships as routes to real success in work and life.”
She added: “The continued uncertainty around large scale events, combined with the lengthy timescales and planning that is required to host all of the National Finals in one venue, means we have had to take the difficult decision not to host WorldSkills UK LIVE at the NEC this year.
“Our online programme of careers advice will continue, and we are working with our partners to host the national finals at locations throughout the UK during November.”
WorldSkills UK plans to host a national celebration to honour all of the finalists later in the year.
Competitions are open for registration from 19 April to 14 May.
A three-year ‘baccalaureate’ should be introduced to replace A-levels, BTECs, T-Levels and apprenticeships, a think tank has said.
A new report from EDSK, released today, claims the dominance of A-levels has had a detrimental impact on the prestige of other options, while limiting the breadth of curriculum.
It is the second instalment in a two-part series looking at the future of education. The first part previously called for GCSEs to be scrapped in favour of computer-based assessments.
Tom Richmond, EDSK director and former adviser to Michael Gove and Nicky Morgan, said it was “ironic” that A-levels were originally introduced to “prevent students from specialising too early and only studying a narrow range of subjects”.
“If the current government is serious about boosting technical education, it must end the political obsession with A-levels by introducing a ‘baccalaureate’ that creates a level playing field for a broad range of rigorous academic, applied and technical courses.”
These are the report’s key recommendations:
Time for a three-year ‘baccalaureate’
The think tank states all 15 to 18 year olds in upper secondary education should undertake a ‘baccalaureate’ which provides a “rigorous and flexible” framework.
It will consist of three levels; foundation (equivalent to GCSEs), standard (equivalent to AS-levels) and higher (equivalent to A-Levels).
Students will progress through the levels from 15 but don’t have to complete each level at the same speed.
They will be required to begin with a broader range of subjects at foundation level before gradually specialising in their preferred subjects as they progress.
Maths and English compulsory until 18
The new system would require all students to study two compulsory subjects – core maths and core English.
EDSK states that “students must continue studying these subjects until they achieve at least a pass grade in either exam at the ‘higher’ level of the ‘baccalaureate’.
It found England is an “international outlier in failing to ensure that English and maths are continued past age 16 “.
Mix and match academic and technical courses
Under EDSK’s proposals, the ‘baccalaureate’ will include three pathways which each have a “distinctive purpose”, but pupils would be able to mix and match throughout.
The academic pathway will include courses on academic subjects such as maths. The technical pathway covers courses related to broad areas of employment, for example business studies.
Finally the technical pathway will provide courses on specific trades and occupation, such as training to become a plumbing technician.
How will it be graded?
EDSK says the model will be based upon a credit system, with a minimum of 60 credits required to complete each level.
At foundation level an academic subject will count for 10 credits, applied would be 15 and technical would be 20.
The report states “as a minimum” a student must take six academic subjects, four applied or three technical subjects, along with maths and English.
Academic subjects increase to 12 and then 15 credits over the next two levels respectively while applied subjects increase to 20 and then 30 credits.
Technical subjects increase to 30 at standard level then 60 at higher.
All levels will use the same grading scale: Distinction, Merit, Pass and Fail.
When a student finishes school or college they will receive their Record of Educational Achievement (REA) which documents the grades achieved at foundation, standard and higher level.
‘An important step forward in creating a level playing field’
Geoff Barton, general secretary of the Association of School and College Leaders, said there was an “undoubted need to address the narrowness and snobbery” of the current system, and that “for far too long vocational subjects and qualifications have been perceived as having less worth than academic subjects”.
“Bringing vocational and academic subjects under the same qualifications banner would be an important step forward in creating a level playing field”, he said.
The Department for Education said it wants young people to have a diverse range of options and is reviewing its post-16 qualification at level 3 and below, with final plans set to be published later this spring.
Colleges have called on the prime minister to intervene in the government’s “devastating” adult education clawback plans that risk courses being scrapped and redundancies.
In a letter today, Association of Colleges chief executive David Hughes tells Boris Johnson that his “ambitious” lifelong learning agenda will be damaged by the Department for Education’s and Treasury’s “dysfunctional” regulation and accountability regime for colleges.
He warns that the “confidence” of college leaders that positive change is coming has been hit by the decision being taken “so late in the year and which simply does not appreciate the overall position, challenges and potential of colleges”.
Separately, Hughes has written to education secretary Gavin Williamson today to warn the clawback will “reduce the financial strength of colleges, move a large number into financial intervention, and force colleges to reduce capacity for adult education, just as demand will be increasing”.
He has included three case studies that show how individual colleges will have to repay millions of pounds under the plans, explaining the reasons why they have not been able to deliver against their targets and the real impacts the “uniform approach” risks having.
Furness College, for example, expects to deliver only half of its £1.3 million allocation as the vast majority of its adult provision is in technical training, such as welding, electrical engineering and construction skills, which was “impossible to deliver” during lockdown.
The college now faces having to pay back £640,000 which would result in a budget deficit at the end of July. Principal Andrew Wren says this will inevitably necessitate a review for “operational efficiencies” over the summer and the college will “not be able to offer the same volume of training in future years”.
He added that the decision will cause colleges across England to “reduce capacity for adult skills which is entirely at odds with the country’s longer-term needs”.
Around £50 million of college funding is at risk nationally, the AoC estimates.
The letters have been published ahead of a Westminster Hall debate this afternoon where MPs will discuss the future of adult education.
‘I cannot stress enough how devastating this decision will be’
Announced last month, the clawback decision means that any college that delivers less than 90 per cent of their national adult education allocation must repay the difference between that threshold and their actual delivery.
The Education and Skills Funding Agency claimed this threshold, much higher than the 68 per cent set for last year, is a “fair representation of grant funded providers’ average delivery” in 2020/21.
But as FE Week previously exclusively revealed, the threshold was demanded by the Treasury after officials successfully argued colleges had enough time to reorientate provision and run courses online, where needed, during the Covid-19 pandemic.
On top of this, the ESFA has ruled out a business case process whereby colleges could put forward reasons as to why they should cling on to the money if they did not reach the threshold.
Hughes says business cases would be a “simple solution” for fairness in his letter to Williamson and pleads for the ESFA to allow them.
Leicester College is highlighted as one example where a business case would help explain how full delivery has not been possible.
The college has been in continuous lockdown with the rest of the city since March 2020 and is among the top 20 per cent most deprived areas of the country.
The extended lockdown has only exacerbated this problem, the college said, particularly within the city’s black, Asian and minority ethnic communities, who were “specifically advised that there were at higher risk from Covid-19 and to stay at home, as well as lower-income households”.
Leicester College now forecasts using just 53 per cent of its £11 million allocation this year – and would lose more than £4 million to the clawback.
Principal Verity Hancock previously told FE Week the college has already suffered consequences, having had to back out of a £6.6 million capital funding bid for T Levels as it would have involved match funding £3.8 million which “we can no longer afford”.
‘It hampers colleges from delivering what is needed’
Meanwhile Gateshead College, which had been battling with deep financial issues before the pandemic, expects to only deliver 59 per cent of its £5.6 million allocation, meaning they face a £1.75 million clawback.
The college said its inability to provide face-to-face training for its adult education programmes, which focus on hands-on sectors like manufacturing and health, has scuppered their delivery plans.
Similarly, teaching of English for Speakers of Other Languages (ESOL) courses has not been possible remotely.
Hughes said it is “clear” from the AEB problem that the FE system as it stands is “overly complex, lacks trust, drives significant inefficiencies, is focussed on process rather than outcomes and presents far too many obstacles to colleges”.
“In short it hampers colleges from delivering what is needed and drives compliance with arcane funding and audit rules and regulations,” he added.
Hughes has requested meetings with Johnson and Williamson to discuss a way forward.
A DfE spokesperson said: “We acknowledge the situation is still difficult but many providers have been able to deliver very successfully remotely during lockdown and the return to face-to-face learning should enhance further providers’ ability to deliver.”
Education staff at 49 prisons across England will go on three days of strike action in the coming weeks over Covid-19 health and safety concerns.
University and College Union members will stage a one-day walkout on 26 April, followed by a two-day strike on 11 and 12 May.
The union has warned that further industrial action may be announced if the employer, Novus, fails to response the dispute.
Novus, part of the LTE Group which also runs The Manchester College, has been accused by the UCU of “bullying behaviour”.
The prison education provider has allegedly used “complaints and investigations to intimidate health and safety representatives, making it difficult for staff to raise safety concerns and impossible for any meaningful health and safety discussions to take place”.
Around 600 prison education staff could take part in the strikes.
Unless Novus stops its bullying behaviour, our members will walk out
UCU general secretary Jo Grady said: “Strike action is never taken lightly, but prison educators will not allow Novus to put their health and safety at risk.
“If Novus wants to avoid these strikes, it needs to listen to this strong mandate from staff, stop intimidating our health and safety representatives and withdraw the unfair complaints and investigations against them so that we can have meaningful health and safety discussions.”
Grady added: “Unless Novus stops its bullying behaviour, our members will walk out. We have a mandate to take sustained industrial action and Novus needs to urgently address staff health and safety concerns if it wants to avoid further disruption.”
The UCU said more than two thirds of their members who were balloted last Friday voted for strike action.
Over 82 per cent of members who voted also said they were prepared to take action short of strike. This could include refusing to go on the wings other than to access the education department, and non-attendance on site where members believe that inadequate safety measures are in place.
Novus rejected claims that it has refused to meet with UCU to discuss health and safety matters; made it difficult for employees or UCU representatives to report concerns; intimidated or bullied UCU representatives.
A spokesperson for the group said: “UCU’s persistent misrepresentation of Novus to its employees and more widely in the public domain is a matter of grave concern for the group.
“Such false allegations are damaging to employee trust in their employer, and continue to erode a previously good working relationship between employer and union.”
A “staggering” three quarters of 16 to 18-year-old college students are performing below normal expectations and are between one and four months behind, research suggests.
The Association of Colleges has also found that a similar number of adults (69 per cent) are below where they would normally be at this point in the academic year.
Students on practical courses such as construction, engineering, motor vehicle and hair and beauty have been hit hardest, the AoC added, because it is most difficult to replace practical teaching through online delivery.
The findings, published today by the membership organisation following a survey of 80 colleges across England, aim to “paint the picture” of Covid-19’s impact on college education to inform the work of the Education Recovery Commissioner Sir Kevan Collins.
The report warns of a “lost generation” without significant investment.
AoC chief executive David Hughes admitted the findings are “hardly surprising” and while there is “not yet a crisis”, time is “running out” to act.
Key recommendations put forward by the AoC include a guaranteed a fully funded extra year of study for students leaving college if they need it, estimated to cost around £80 million.
This would be handled through a “simple, flexible fund, which allows colleges to design programmes lasting between six months to one year to meet different needs and outcomes”. A bursary would also be required to support students to be able to participate.
Extra support for students and employers to navigate the government’s new “confusing” initiatives through the Department for Education and Department for Work and Pensions – such as skills bootcamps, traineeships, apprenticeships and Kickstart – is also called for.
The DfE should also remove the 17.5 per cent fall in funding for 18-year-olds compared to the rate offered for 16 and 17-year-olds, as well as providing targeted support for the most disadvantaged through a 16 to 19 student premium, similar to the pupil premium in schools, today’s report said.
The government has attempted to tackle the impact of lost learning on young college students by introducing a 16 to 19 tuition fund. However, the AoC’s survey found this is failing to have a significant impact as it is “too restrictive”.
Nearly three quarters (71 per cent) of colleges said they are having to provide additional tuition over and above the fund with many teaching over the Easter holidays to make up for lost learning.
The fund only allows small group tuition to students who failed to achieve a grade 4 in GCSE English and maths. As a result, colleges say they find it hard to meet the range of needs of large numbers of students across college provision including personal and social development and enrichment.
Other key issues raised with colleges by 16 to 18-year-olds, according to the AoC’ survey, include increased incidences of poor mental health and well-being such as: sleep problems, feeling demotivated, suicidal thoughts, lack of physical activity, depression and anxiety, according to the report.
Students have also reported increases in domestic harm, eating disorders, feeling isolated and lonely when learning online and missing interaction with teachers and fellow students, financial hardship, substance abuse, family relationship breakdowns, concern around how grades will be calculated, fears around future job security.
For adults there are the additional challenges of juggling learning with home education of their own children and the “fact that employers are less willing to give time to those who are learning online rather than in college”.
Commenting on the report’s findings, Hughes said: “The latest data from colleges paints a stark picture of the pandemic’s impact on learning for young people and adults.
“The government needs to act swiftly to support existing college students, those starting this autumn and those leaving for the labour market so that they experience the least disruption to their progression as possible.”
James Turner, the chief executive of social mobility charity the Sutton Trust, said the impact of the pandemic on post-16 education has been given “too little attention in the past year” despite the immediate effects being “severe”.
The government’s Education Recovery Commissioner, Kevan Collins, was appointed in February and will remain in post for an initial nine months.
His role will advise on the design and implementation of potential interventions that will help students catch up learning lost due to the pandemic. His remit spans children and young people aged between two to 19.
The DfE said it is “working collaboratively with Sir Kevan and the wider education sector including the Association of Colleges to help develop and implement long-term solutions to tackle the impact of missed learning”.
At the FE Week Annual Apprenticeship Conference (AAC) in 2020 we all gathered in Birmingham knowing that it was highly likely the impact of being hit by a global health pandemic would shut down the country for a short while. However, never in a million years did I think that we would have spent the majority of the next year in lockdown, and that the impact would still be as significant in 2021 meaning that we would be running a virtual AAC as a result this year.
Although we can now begin to look to recovery and the future, with a badly damaged economy and a huge increase in the numbers of unemployed, we will live with the impact of this pandemic for decades to come. It literally has left many of this country’s business and political leaders scratching their proverbial heads about how we rebuild, where do we start and focus our efforts and now even more limited resources. The answer (as far as I am concerned) to this question is – Skills! Surely by now it is clear to everyone that reskilling will play a critical part in the recovery of the country and ultimately lead us back to a position of prosperity.
As we face the task ahead of us, never has there been a time in recent memory when apprenticeships felt more vitally important to the future of our industries and our workforce. Apprenticeships can clearly serve an altruistic purpose, allowing the many young people who have been left without work to get into a job, as well as those older workers, who have been displaced by the impact of the pandemic to retrain and enter a career in a new industry.
Kirstie speaking at AAC 2019.
However, looking to the longer term, apprenticeships could, and should, also be used to help stimulate our economy by creating the in-demand skills that employers truly need to repair and to grow. These will include much needed ‘green’ and digital skills as well as filling skills gaps in industries that are set to grow in the coming years such as the health and social care, infrastructure, transport and rail sectors. Importantly, these are also sectors where apprenticeships could be used to tackle social injustices by diversifying the workforce and driving up social mobility, providing people with the opportunity to gain the in demand skills that will boost their earning potential and ensuing businesses have the diversity of thought needed to make sure they stay relevant and authentic in the modern world.
We all know that there has been a significant drop in the number of apprenticeships starts in the past year, not least due to the impact of the pandemic, and it’s simply unrealistic to say that employers should take on apprentices in the current climate if their business is struggling for survival. That’s why we at City & Guilds believe that we need to see a temporary loosening of the restrictions around the levy to allow employers to spend their levy on apprentice wages. At City & Guilds we have been calling for a number of years for the levy to be made into a broader skills levy to allow employers to gain the skills they truly need which, controversial to say at an apprenticeship conference, might not always be in the form of an apprenticeship. We need more than ever flexible skills programmes. At the same time, we also need to ‘protect’ the rigour and quality of what an Apprenticeship stands for so it retains it is regarded as a ‘stamp of quality’.
We need to inject a real dose of pragmatism of the broader skills landscape, look at the bigger picture and consider the very best ways to help people get the skills they need to get into good work right now, and how to help employers get the workforces they need to thrive in a Post Covid and Post Brexit world.
I am delighted that the AAC has been able to run this year, despite Covid restrictions, as I truly believe it is an important platform for debate, discussion, insight and learning takes place, to keep us all pushing forward as a whole sector united in a passion for apprenticeships and the value they can bring to society, individuals and businesses.
City & Guilds will be running a series of thought-provoking debates and deep-dive discussions throughout the week that consider all of the issues I have just raised. Also lots of superb guest and panel speakers, including the acclaimed social commentator and comedian Deborah Frances White. I really hope you’ll all come and get involved in the conversations.
City & Guilds are the headline partner of the 7th FE Week Annual Apprenticeship Conference. Taking place online from Monday 26 – Friday 30 April. For more information and to register visit: https://feweekaac.com/
Ofsted’s review of sexual abuse will see the watchdog make on-site visits to a “sample” of colleges where abuse and violence cases have been highlighted.
The review itself will not report on “individual cases”, but identification of “serious and widespread” failures in safeguarding arrangements will lead to an immediate full inspection.
It was originally unclear whether colleges would be included in the review, however Ofsted has now confirmed to FE Week they will be.
The review will look at whether colleges and schools have “appropriate processes in place to allow students to report sexual abuse concerns freely, knowing these will be taken seriously and dealt with swiftly and appropriately”.
It will also seek to establish whether there is “sufficient” guidance for colleges on how to deal with allegations, and whether they implement it well.
The review will also look into whether the existing safeguarding framework and guidance for inspectors is “strong enough to properly assess how schools and colleges safeguard and promote the welfare of children”.
Joint working between colleges and “local safeguarding partners”, including local authority social care, the police, health services and other support will also be reviewed to see if it needs to be “strengthened”.
Visits to ‘sample’ of colleges planned
In its terms of reference, Ofsted said it would look into whether the current system of safeguarding in colleges listens to the voices of those reporting abuse, and what prevents them from reporting it.
It will also consider whether victims receive “timely and appropriate support”, and whether its own inspections have been “robust enough in relation to the issues raised”.
To do this, Ofsted will review a “sample” of recently reported evidence of sexual violence and abuse involving students, and then visit a sample of colleges and schools “where cases have been highlighted”.
These visits will “look at how well safeguarding is working and to discuss the wider issues raised by the evidence”.
During the visits, Ofsted will speak to college leaders and students.
Ofsted won’t report on individual cases, but visits may prompt full inspections
Ofsted has said the review will not report on individual cases, but “present a picture of good and poor practice across the country”.
However, if the watchdog finds “serious and widespread failures in a school or college’s safeguarding arrangements we will immediately carry out a full inspection which will result in a published report”.
Amanda Spielman
The review will consider the “range, nature, location and severity of allegations and incidents, together with context”, the extent of colleges’ knowledge of specific incidents, their safeguarding responses to known incidents and their “safeguarding knowledge, culture and effectiveness”.
Amanda Spielman, Ofsted’s chief inspector, said she had been “deeply troubled by the allegations of sexual abuse posted on the Everyone’s Invited website”.
“We hope that by listening to young people’s experiences first-hand, this review will provide much needed insight into what these barriers are and how they can be overcome.”
Talk about the “magic” of teaching, and less about structures and funding routes, to attract more people into the FE workforce, a leader in staff training has told the government.
Education and Training Foundation chief executive David Russell made the remarks yesterday at an FE Week webcast on the Skills for Jobs white paper, specifically its fifth chapter on “supporting outstanding teaching”.
The paper, published earlier this year, promised a national FE teacher recruitment campaign, and to introduce “employer-led standards” for initial teacher education.
Work would also go into enabling a “strong” relationship between employers and providers so industry experts can move into teaching, while lecturers can maintain “up-to-date” knowledge of their sector.
Government should ‘talk a lot more about teaching’
But Russell said improving the status and prestige of FE teaching is a “big” objective for improving recruitment into the sector, as it would “make it an attractive profession to move into for people who are coming at it for the first time”.
The “biggest thing” he thinks government could do to improve the status and the prestige of teaching is “to talk a lot more about teaching”.
“To talk a lot more about the process and the magic of teaching young people and adults to do new things, to discover new things, to empower themselves.”
Another part of improving status and prestige, according to Russell, is getting people involved early, such as at an undergraduate level.
The Education and Training Foundation has run a Talent to Teach in FE programme, giving students placements working with learners in local colleges or training providers, something Russell compared to “opening up this secret garden of further education”.
He talked up the success of several other government recruitment and retention programmes, which the Education and Training Foundation had delivered for the FE sector.
One of which, the Taking Teaching Further programme to attract industry professionals to the sector, had been “really successful”.
Russell said the programme “helps colleges recruit hard to fill vacancies,” but also funds timetable remission, mentoring, and links to professional networks, which he believes are “key” for recruitment and retention.
Another DfE-ETF programme, on Apprenticeship Workforce Development, is a “much-welcomed start” on improving the quality of teaching in that sector.
But it is “not just about CPD” – it is also about career pathways, as “rebuilding” the pathways, which are not “clear” currently, and having recognised professional status, is “really, really important”.
“At the heart of this” should be a “strong, diverse” professional membership body, he said.
Lack of action on teachers’ pay a ‘massive gap’
Another thing the white paper missed out on was pay, which Russell called “a really big problem”.
Teachers’ pay, which is set by individual colleges, has become a hot issue in the FE sector.
Trade unions were outraged late last year when the Association of Colleges, which gives recommendations on staff pay to principals, proposed a pay rise 1 per cent or £250, whichever was greater.
This, it said, was because of the unforeseen and “severe financial pressure” colleges were facing which have “forced many into deficit”.
But after the government injected £400 million into colleges this academic year, education unions said it was time for “an investment in staff” who would “provide the skills for a post-Covid recovery”.
Anne Murdoch, senior college leadership advisor for the Association of School and College Leaders, told FE Week in February government’s ambitions of bolstering the FE workforce “would be nothing more than a pipedream” without funding to raise pay.
This is after workforce research by the Department for Education, released earlier this year, showed teacher pay only increased from a median of £31,620 in 2010-11, to £33,750 in 2019-20.
Speaking today, Russell said the white paper “dealt with recruitment, with training, with development, but it does not deal with recognition or reward”.
“It’s like a chair with three legs: it’s pretty hard to sit on a chair with three legs, you’ve got to sit right at the edge really tense, so you don’t fall over.
“That’s what it’s like teaching in the FE sector right now. You’re perched on the edge, you’re really tense, and you might fall over.”
He described the paper’s lack of action on pay as a “massive gap” which the government and the Department for Education are aware of and have to return to, “otherwise the three legs won’t create a stable system”.
But Russell, a former national policy director for vocational education at the DfE, was not convinced the Treasury would step in with a blanket pay rise for the sector.
“They consider them to be dead weights,” he said, a Treasury term for “when you pay more for something, but you don’t get anything back in return”.
Watch the full webcast, run in partnership with NOCN, below:
