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A Department for Education spokesperson said it will be spending more than £400m over this financial year to support colleges and other institutions.

The gallery has forecast an operating deficit for the latest financial year.

These have not been made public yet, but reports suggest the recommendations are for more than the health and education departments have budgeted for this financial year.

He subsequently halved this target and on 10 April talked about making savings of $150bn from "cutting fraud and waste" by the end of the next financial year in 2026.

It currently gets most of its income from the licence fee - in the last financial year, the BBC received £3.7bn, or about two-thirds of its total income, from it.