From the Institute of Fiscal Studies, publication 8027

“increasing costs and increasing pupil numbers mean that resources per pupil are likely to fall significantly.”

“school spending per pupil is likely to fall by around 8% in real terms (based on a school specific measure of inflation) between 2014–15 and 2019–20.”

“this will be the first time since the mid-1990s that school spending has fallen in real terms (when spending per pupil fell by 3.6% in real terms between 1993 and 1997).”