They said local authorities and schools reduced their reserves in 1994-5 and a further fall is likely in 1995-6. They said further reductions were not possible. Reserves held by schools fell by Pounds 100 million between April 1994 and April 1995 from a total of Pounds 670 million.
MPs on the all-party education select committee warned this week that local authorities no longer have the reserves to mitigate the effect on schools of inadequate central grant from Government, writes Geraldine Hackett.
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