Announcing his Budget for 2024, Chancellor of the Exchequer Jeremy Hunt announced £45 million funding for local authorities to create 200 additional children’s home placements, alongside a £120 million investment to maintain secure children’s homes. The budget document states that part of this will fund rebuilding Atkinson Secure Children’s Home and Swanwick Secure Children’s Home.
The Treasury document also states that “it will work with the Local Government Pension Scheme to consider the role they could play in unlocking investment in new children’s homes” as part of work to improve transparency around investment in private equity firms.
Alongside this, the hourly rate that childcare providers are paid to deliver the government’s expansion of funded childcare offer will be increased. According to the Treasury’s document, this “represents an estimated additional £500 million of investment over two years”.
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