Colleges to benefit from £50m funding

Released 08/09/2010

Business Secretary announces funding to modernise colleges

Business Secretary Vince Cable has announced £50m of funding to upgrade colleges.

Successful colleges across England will receive at least £225,000 to modernise facilities, with some receiving up to £1 million.

Cable made the announcement at Working Men's College in Camden alongside Further Education Minister John Hayes.

The funding will be matched by the colleges and is expected to attract significant private investment to renovate buildings and provide students with modern equipment.

Dr Cable said: "In allocating this £50 million funding, we have seen some impressive bids come in for ambitious and innovative projects from colleges that are planning for the future.

"Helping colleges modernise their facilities will give them a much-needed boost at a time when education could not be more important, and I am glad we have been able to provide them with this support."

MAKING A DIFFERENCE

Mr Hayes said: "We are keeping our promises to the sector by providing colleges with the funding that will make a real difference to thousands of students, lecturers, and the communities they live and work in.

"Colleges should be inspiring places, where students can gain new skills and enjoy new experiences that transform their lives.

The £50 million grant comprises £30 million of Renewal Grant, split equally between eligible colleges; and £20 million of Enhanced Renewal Grant, taking some allocations up to £1m.

Building will start immediately on most projects, with new facilities becoming available from the start of the 2011 academic year

WELCOME MONEY

The grants have come from the reallocation of the Train to Gain scheme, which Hayes announced in June this year.

ASCL deputy general secretary Martin Ward said: "Any additional money for FE capital projects is welcome, and the grants will help to tackle some of the most urgent need.

"However a minority of colleges have major concerns about outdated and substandard buildings and they will need a much larger injection of funds to begin to put that right. What is needed going forward is a long-term strategy to address those colleges that still have serious issues with poor quality buildings.

"The FE sector plays a key role in providing the next generation of skilled graduates and ASCL members in colleges will be pleased to see the government making capital funding a priority in the current climate of reduced spending," said Ward.

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