I am conscious, Madam Deputy Speaker, that funding is not at issue in the Bill, but it is important to all schools up and down the country. My hon. Friend might be aware that it was discussed a great deal at Education questions last Monday in this House, when I referred to our party’s clear manifesto commitment to make progress with fairer funding for our schools. I thank him for his support on that and know that it is an important issue to Members in all parts of the House.
Let me be clear about failing academies: failure has to be tackled wherever it occurs. We support academy status because we see that it works, but where individual academies are struggling, we do not hesitate to take swift action. The statutory legal framework that is being amended in the Bill applies only to maintained schools. Academies are not governed by the statutory framework because they are held to account through a legally binding contract known as a funding agreement. Each funding agreement sets out the controls that are in place for holding the trust to account and the mechanisms by which the Government can intervene to address concerns.
As I have set out, academies are generally performing very well and have progressed faster than their maintained school counterparts. Last week’s Ofsted figures reported that, of the more than 4,600 academies, 1,400 of which are sponsored academies—schools that were set up to transform some of the toughest cases of underperformance —only 145 are judged inadequate. However, as I have said clearly, one failing school is a failing school too many. That is why we have a tough regime to tackle academy failure, which allows us to intervene much more rapidly and effectively than we can in maintained schools.
Open academies are carefully monitored by regional schools commissioners and we take robust action where it is needed. As well as issuing 107 formal notices to underperforming academies, we have intervened and changed the sponsor in 75 cases of particular concern. The results of such intervention are evident.