90% of UK schools will run out of money by Sept 2023
About 50% of school principals believe that their schools will be facing a financial deficit this year.
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British schools have been struggling with budget deficits.
Ninety percent of schools in the United Kingdom will run out of money at the beginning of the next school year due to rising energy bills and forced salary increases, according to a report by The Observer, citing data by the National Association of Head Teachers (NAHT).
About 50% of school principals believe that their schools will be facing a financial deficit this year. By September 2023, almost all schools will suffer losses, leading to further loss of key teachers and staff.
"Schools are cut to the bone. This will mean cutting teaching hours, teaching assistants and teachers," said Paul Whiteman, the Secretary-General of NAHT.
The government is proposing to make cuts in the educational sector, among other sectors, to reduce debt - the proposal is scheduled to be announced on October 31.
According to a spokesperson for the Department for Education, the government understands the cost pressures due to high energy prices. So, in addition to the energy relief scheme, schools will be receiving $60.8 billion in core funding.
Many school principals remain skeptical that they will be able to afford the next school year, according to the Observer.
After Kwasi Kwarteng got sacked recently, the newly appointed UK Chancellor of the Exqechuer Jeremy Hunt announced energy price changes that would effectively freeze energy bills for the next 2 years. The program will be valid only until April 2023 due to stress on the state budget.
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The Bank of England (BoE), by the end of 2022, predicts to enter a long recession for at least a year's time. Currently, Britons are faced with staggeringly high costs of living as they overcome the worst inflation they have witnessed in decades.
