British schools and universities face the largest cuts to public education spending since the 1950s, reported the Institute of Fiscal Studies (IFS).
Britain's chief tax and spending experts at the IFS, a leading London-based economic research institute, have revealed that public spending on Britain's education system will be slashed by over 14% between 2010-11 and 2014-15.
Furthermore, the study revealed that children from low-income families would be hit hardest and education achievement would take a steep drop leading to future generations' failure to land themselves well-paid jobs.
According to the study, school and college building projects will be subject to a 50% cut to their budget while universities will suffer a 40% cut, though soaring tuition fees of up to £9,000 a year would offset the impact of the cuts.
Chief research economist at the IFS, Luke Sibieta, expressed concerns over the long-term effects of the cuts including a large fall in the qualifications of future generations.
“The key question is what these cuts in financial resources will mean for the outputs of the education system, such as young people's exam results or earnings potential,” said Sibieta.
Meanwhile, a spokesman for the Department of Education told the Daily Telegraph that ministers had no choice but to make “tough decisions” to be able to implement government's plans for cutting the “deficit.”