School spending per pupil looks set to fall by 7 per cent despite a Conservative pledge to increase the education budget if the party wins the general election.

However spending would increase if either Labour or the Liberal Democrats win power, according to the independent Institute for Fiscal Studies.

In a new paper examining each of the main political parties proposals for education spending, the IFS calculated school budgets in England could face a real-terms cut of almost 3 per cent by 2021/22 if the Tories win the election.

This rises to a 7 per cent reduction by 2021/22 once the cuts schools have faced over the past two years are taken into account.

Labour's plans would leave per pupil spending 6 per cent higher in real terms over the same five year period - 2017/18 to 2021/22.

The IFS – which publishes a wide appraisal of all the manifestos today - the Liberal Democrats' plans would see per pupil spending protected in real terms at the 2017/18 level.

It comes amid continued concerns from school leaders, teachers and parents about a growing squeeze on school budgets.

The Conservative manifesto said: “We will increase the overall schools budget by £4 billion by 2022, representing more than a real terms increase for every year of the parliament.”

Labour has pledged to reverse real-terms cuts since 2015, and protect per pupil spending in real terms over the next parliament.

This would mean a 6 per cent increase in per pupil spending over the next five years, and leave per pupil spending 1.6 per cent higher in 2021/22 than in 2015/16.

The Liberal Democrats have set out a five-year package that includes protecting per pupil funding in real terms.

Under this commitment, spending per pupil would be frozen in real terms over the next parliament, the IFS says.

IFS associate director Luke Sibieta said: "The commitments made by each of the main parties would imply quite different paths for school spending in the next parliament.

"Labour would increase spending per pupil by around 6 per cent after inflation over the course of the parliament, taking it to just above its previous historic high in 2015.

"Proposals from the Conservatives would lead to a near 3 per cent real terms fall in spending per pupil over the parliament, taking it back to its 2010 level."