Department for the Economy confirms 2023/24 budget position
Date published:
The Department for the Economy has confirmed its budget position for 2023/24.
The Department published a public consultation on the equality implications of the budget for 2023/24 on 7 June 2023. Responses in the four-week period to 5 July 2023 were encouraged to inform the Department’s initial allocation of funds to its business areas and arm’s length bodies, and to identify any early mitigations that can be put in place.
Following review of the responses received during that four-week period, the Department has prepared an initial assessment report, including mitigations arising from this assessment.
As a result of this assessment, to mitigate the impact of reductions in funding for skills and education, the Department can confirm it will proceed with All Age Apprenticeships in the current financial year. Details will be announced in due course.
Launching All Age Apprenticeships will also benefit further education colleges, alongside the contracted training provider network, as they will be funded to provide training.
No other changes to the proposals presented in the consultation are being considered at this stage.
The Department will continuously monitor its budget throughout the year. In parallel, the consultation remains open until 30 August 2023. If easements emerge in any areas across the budget during the year, the responses to the consultation will inform the identification of further mitigation measures during in-year reallocations. If further reductions are required during the year, responses will also be used to help minimise impacts.
The initial assessment report and consultation are available on the DfE website.
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