Budget 2023-24 and funding reversal A resource funding increase of £46 million - £20 million for universities and £26 million for colleges - was announced during the Budget Statement by the then Deputy First Minister, John Swinney MSP, on 15 December 2022. On Tuesday 2 May 2023, the Minister for Further and Higher Education, Graeme Dey MSP, wrote to the Education, Children and Young People Committee (ECYP Committee) to announce that the planned resource funding increase of £20 million for the university sector and £26 million for the college sector for 2023-24 would not be going ahead as the money had been identified as a “necessary saving”.