The number of colleges deemed to be ‘financially inadequate’ is forecast to more than double in the next year from 29 in 2013/14 to 70 in 2015/16.
The Public Accounts Committee report said that the Department for Business, Innovation and Skills (BIS) and the Skills Funding Agency are ‘not doing enough to help colleges address risks’ early on.
It said that oversight arrangements are complex, sometimes overlap, and too often intervene when financial problems have already become serious, rather than helping to prevent them in the first place.
College principals told the committee of the difficulties they face in recruiting quality staff, of courses being cancelled, and of stalled investment plans.
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