An extra £30m has been found in the Department for Education’s budget to support the introduction of this floor rate.
In effect this means that providers will receive minimum of at least £4 an hour to offer the Government’s 30-hour offer of free childcare for working parents of three- and four-year-olds from September 2017.
The new early years national funding formula aims to end historic disparities in early years funding around the country and make the distribution of early years funding to providers fairer.
The plans are set out in the Government's response to the consultation carried out in the summer.
Early years minister Caroline Dinenage, said, 'Education lies at the heart of this Government’s ambition to make this a country that works for everyone – and today we are reaffirming our commitment by announcing this new, fairer way of funding our early years.
'It will ensure the dedicated individuals caring for our children have the support they need to give every child the best start, especially when looking after those who are most in need.
'We have listened to the many views shared in our consultation, and these have played a pivotal role in shaping our final proposals which aim to make our education system sustainable, transparent, and above all, fair for everyone.'
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