The Department for the Economy has been allocated £772million resource and £246million capital funding for 2023/24.
Having made savings totalling £75million in 2022/23, which must be replicated in 2023/24, the Department must now also identify further savings of £55million. This means that, in effect, DfE’s opening budget for 2023/24 will be £130million (16%) lower than previously expected.
With over 70% of the Department’s budget supporting skills, further education and higher education, it is inevitable that these sectors will be impacted.
There will also be reductions in the funding provided to arm’s-length bodies and agencies, which deliver services and support for areas including economic development, tourism, creative and screen industries, consumer protection, workplace safety and resolving disputes at work. Public funding support to deliver some of the actions in the Path to Net Zero Energy Strategy will also be impacted. In parallel, the Department will need to look internally to identify savings, including through suppression of vacant posts.
The Department will now work closely with its stakeholders to fully understand the implications of its budget.
DfE will then publish a formal budget consultation document in the weeks ahead, setting out the full proposals in detail. This process will also include the statutory duty to equality screen any impacts of the Department’s policies and programmes.
Notes to editors:
- Budget presentation slides are available on the Department’s website at DfE Budget presentation 2023/24
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