They have called on the government to put aside billions of pounds for schools and colleges.
The Education Select Committee has claimed there are now a series of extras that need paying for, such as mental health services, as well as rising pupil numbers.
MPs on the Education Select Committee said a long-term approach and a "multi-billion cash injection" is necessary.
Its report on school funding confirms the concerns of head teachers and teachers' unions who have protested about worsening budget shortages.
The committee found that schools and colleges "desperately need" extra cash.
A Department for Education spokeswoman accepted that schools were facing "budgeting challenges".
The Association of Christian Teachers director, Clive Ireson told Premier he agrees with MPs that the education system is broken from a finance viewpoint: "I think it is broken from the point of view of the finance of the education system, people are struggling in all areas at the moment, not just schools, further education colleges and elsewhere, because we have more children in the system. We have required children to stay on until they're 18, yet we've not really prepared for this adequately."
He said if it were to happen, the cash injection would be good for pupils: "In particular special needs schools are struggling to provide the needs of special needs people and that shouldn't be the case in our schools. Also for further education, if we're going to push more young people who wouldn't have gone on to further education into that, we need to make sure that well run further education is well resourced and meets the needs of those pupils."
In terms of the ten year suggested finance plan, Clive agreed it would be a good idea. He told Premier: "As a former head teacher, it would be great if we could have a 10 year plan, because then as a school, you could actually plan if you knew what sort of funding you were going to get over a longer period of time, you could plan how you would spend that money and how you would invest in the school, in the pupils and in the building."
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