Magazine article Public Finance

LSC Refunds 41 Colleges for Scrapped Building Plans

Magazine article Public Finance

LSC Refunds 41 Colleges for Scrapped Building Plans

Article excerpt

Further education colleges that ran into financial trouble following the collapse of a flagship rebuilding programme are to be partly bailed out by the government.

A total of £34m is being given to 41 colleges by the Learning and Skills Council, which was forced to suspend Building Colleges for the Future just over a year ago after it seriously underestimated how many colleges would apply for grants.

The money is seen as compensation for sums that colleges spent on architects' fees and other costs while preparing bids. The LSC declined to identify the colleges, saying information about their financial position was sensitive.

But it revealed that 20 of the colleges receiving cash were in danger of having their financial classification downgraded from 'satisfactory' to 'inadequate' while the others needed support to avoid their rating going down in future. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.