Education is a financial behemoth in the UK. The Government spends approximately £85 billion on education each year – making it the 2nd largest category of spending in the Budget (behind only health) – while the tertiary education sector boasts revenues of around £31 billion.
The sector faces an uncertain future, however. While the Government is spending record amounts on education; rising pupil numbers, inflation and running costs mean that schools will have to cut approximately 8% from budgets by 2020. In addition, recent years have seen enormous shifts in the sources of income for the UK’s universities, with government cuts and increased tuition fees drastically increasing the costs of higher education and creating enormous urgency within institutions to attract students.
Meanwhile new, more agile forms of qualification are emerging: massively open online courses (MOOCS) provide opportunities for perpetual learning through short, specific and relatively cheap e-learning modules. This allows individuals to upskill in a manner more reflective of new forms of portfolio employment.
Is this the beginning of the end for our traditional understanding of education? Download the presentation to find out.