‘The Government is planning a fund worth more than £500m to help colleges put in place any area review recommendations, FE Week can reveal.
But colleges will still be expected to shoulder at least part of the bill for any changes themselves.
Information on the fund, described as a “restructuring facility”, was included in draft guidance to the Area Review Advisory Group on 27 January and seen by FE Week.
In a section headed “Current thinking on the restructuring facility” the paper reads: “There will be a restructuring facility available to support, where necessary, the implementation of the recommendations of area reviews by further education and sixth form colleges.”
It goes on: “The objectives of the facility and the criteria and processes for considering applications for access to the facility remain to be finalised and approved by ministers.”
The document does not give a size for this facility, but FE Week understands it to be £560m.
Unusually, the college fund will be administered by the Treasury.’ – FE Week