The state sector could undoubtedly do with more cash, but mainly the cash is needed to pay for more teachers.
I think the issue is that people don't want to be teachers because its known for long hours, a lack of respect and to be honest, dealing with kids isn't always fun, but their parents can be even worse.
How many other professions can you think of where you must join a trade union so that you have someone to help you fight the legal battle if and when the day comes that you are falsely accused of touching inappropriately (which is more or less all physical contact)? And anything you do can be taken out of context and splashed all all over the daily mail?
I'd want to be paid a lot of money to overcome that.
When I was young, until about 25, I always wanted to be a teacher. My mother was a teacher, as was my grandmother. In fact, about half the women and several of the men in my family were teachers (trained in the 1960s). Today, there isn't a single teacherin the whole extended family that was born after 1960. So, something has changed.
The reason i went off the idea was because I applied to teaching college after my degree and they wrote inviting me to interview, telling me to prepare by coming ready to speak about the politics of teaching. I wanted to teach maths, to open up a world for young minds! But the teaching college weren't interested in that. I didn't want to sit in a staffroom grumbling about funding cuts, or helicopter parents or the wrongs of austerity, so I changed direction and went into the City instead.
When my grandmother taught (in the 20s and 30s), teaching was a highly respected career. When my mother's generation taught (in the 60s, 70s and 80s), it lost a lot of the prestige and now the public take potshots at it right, left and centre. You'd have to pay me a lot of money to offset that!
Teachers are leaving the profession in droves. Many become teaching assistants because although the pay is horrible, the difference doesn't make up for the pressures of teaching that comes from the government, parents, SLT and the behaviour and demands of some of the children themselves.
The state education system is in a mess, but I think it will take more than money to fix it.