The outcome of the recent general election took everyone by surprise. The government’s weakened position has resulted in a reprioritisation of education policy issues.

The Queen’s speech left out many of the education initiatives that the government would have been keen to push had it secured an increased mandate. Of particular note was the absence of a mention on the reversal of existing grammar school legislation.

There was a nod to an ongoing commitment to fair funding, but almost no detail. There was also very little to address plans regarding the trajectory of the academy programme and indeed the ongoing role of local authorities.

It might be fair to conclude that while there has been no obvious U-turn on key plans such as the national funding formula and academisation, these initiatives will most likely be implemented in a softer, more diluted manner, with a longer and more cautious transition phase.

Given the increased profile of school funding in the days leading up to the election, it is reasonable to assume that a vulnerable government will want to respond positively to the concerns raised by the electorate on this issue. Could this mean the death of austerity? Perhaps not, but we should expect a more generous settlement for education than we anticipated prior to the election.

But we shouldn’t get carried away. Even if we see the £4 billion cited in the manifesto honoured, there is already an extra £650 million to find following the reversals of ideas to scrap universal infant school meals. Extra funding might help ensure no school loses under a new formula, but the 8-to-10 per cent increase in cost pressures over the period of this parliament still loom large for schools.

It might not be the cliff edge we all feared, but there is still a steep slope for many schools to navigate.

Efficiency and financial health will continue to be a high priority for the Department for Education and will need to form part of every school’s strategic plans. Ensuring schools have access to competent and experienced school business leaders will be crucial.

Many schools enjoy the support of experienced school business professionals. But the complexity of the school business leader role and the levels of direct accountability are ramping up. It is critical that we offer support to this group within the school workforce, ensuring that they have access to development programmes, technical guidance and career advice that is keeping pace with a rapidly evolving autonomous school system.

Stephen Morales is CEO of the National Association of School Business Management, which is transitioning to become the Institute of School Business Leadership later this year