“I can announce today that in the Spending Review we will provide extra funds – a total of over £7 billion over the spending review period – for a “fairness premium”, stretching from the age of two to the age of twenty: from a child’s first shoes to a young adult’s first suit. This is more than £7 billion spent on giving the poorest children a better start in life.”

Deputy Prime Minister Nick Clegg this morning announced that the Coalition Government will spend an extra £7bn on giving the poorest children a better start in life.

The “fairness premium” will come in three parts:

First, all disadvantaged two year-olds will have an entitlement to 15 hours a week of pre-school education, in addition to the 15 hours already available to them at three and four years of age. By offering more help at an earlier age to the most disadvantaged children, we will directly tackle the gaps in attainment that open up in the critical early years of life. This additional early years investment will amount to £300 million a year by 2014-15.

Second, a Pupil Premium to help poorer pupils wherever they live in the country. Schools will receive additional funds to offer targeted help to every pupil eligible for free school meals and reduce educational inequalities. By the end of the Spending Review period, this pupil premium will grow to an additional £2.5 billion of investment each year.

Third, we must make sure that bright but poor children grow up believing that a university education is not out of reach. So we are looking now at what can be done to remove the obstacles to aspiration that hold back bright boys and girls from deprived backgrounds. Alongside reforms to Higher Education, we are proposing to provide a form of “student premium” for the least advantaged students, representing a commitment of at least £150 million a year by the end of the spending review period. Our goal is clear: to tear down the barriers that prevent poorer young adults from entering university. We will be consulting with universities and students on the most effective way of achieving that goal.