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Under plans announced this week by Nick Clegg, a massive injection of cash for the poorest pupils and cutting class sizes in England would lead to a net gain of £4.6 billion to the English education budget.
The Liberal Democrat education plans would result in a £230 million boost through the Barnett formula to Wales.
The plan would also enable the Assembly Government to save the £61 million spent every year on the tuition fees grant. The money could close the Higher Education funding gap.
The Welsh Lib Dems have pledged that they would put the extra money into closing the schools funding gap, cutting class sizes and investing money to help the poorest pupils.
Jenny Randerson, Shadow Education Minister, said:
"We have a long term priority to scrap the Barnett formula and replace with a fair funding system that recognises Wales' needs, however in the meantime we would use the extra money for Wales generated by Nick Clegg's plans where it's really needed.
"Welsh education spending lags behind England by hundreds of pounds per pupil and our poorest children are still trapped in a cycle of underachievement.
"We will be developing our Welsh education policies in the coming months but I am very clear that a pupil premium, where money follows the poorest pupils, is an innovative and exciting idea that could finally break the poverty trap that Labour and Plaid's policies are maintaining."
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