He's back, and what could go wrong?
http://www.guardian.co.uk/politics/2010 ... ent-scheme
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The cash will come from an endowment fund started with £110m of public money, saved by a coalition decision to scrap an extension of free school meals to all primary schoolchildren living below the poverty line. The government plans to outsource the project to a City fund manager, who will assess the bids in consultation with education experts. The education secretary, Michael Gove, said he expected the fund to pay out up to £10m a year.
What does this expert know about education? Or is his role just to gamble with public funds. If this sort of financial alchemy is such a cert, why not get the free schools paid out of it?
The Education Endowment Fund will run for a decade, dispensing money from its income as well as a portion of the capital each year. The government hopes it will also encourage donations from philanthropists. Establishing it for a decade will put it outside the "twists and turns" of Treasury negotiation, Gove said.
Yeah, City speculation is the only way to stop the Treasury taking it away. Anyway, why shouldn't another government take it away? Just like you did with the building schools money.