Treasury confirms £1.3bn of funding for around 150 schools in Priority School Building Programme left without finance after cut to PF2 element of programme
Treasury has committed £1.3bn to the Priority School Building Programme to ensure the remaining schools in the programme receive funding.
The Department for Education said that, following the 2015/16 spending review last week, the Treasury had now committed £1.3bn of additional capital funding to the Priority School Building Programme (PSBP), enabling the delivery of all remaining schools in the programme via capital funding.
The move comes after the Department for Education (DfE) announced last month a more than £1bn shortfall in the PSBP after it cut the value of the private finance element of the programme.
This left around 150 of the 261 schools in the programme without funding, with the DfE stating at the time that funding for these schools would be dependent on the spending review announcement.
Now that funding has been confirmed.
The DfE said it would be working with all the schools in the programme by the end of 2014 and that all the schools in the programme completed by 2017, six years after the PSBP was launched.