Inflation is projected to be much higher than expected at the time of the 2021 Spending Review. This could wipe out up to £850 million of the value of skills funding in England over the next three years, leading to either fewer adults accessing learning or risks to the quality of learning. This Briefing Note addresses what the 2021 Spending Review announced, what has happened since the Spending Review, what it would mean for learning and skills funding, what it would mean in practice, and what should happen next.