Abstract
School-based education in England has been radically transformed by the introduction of the academies programme. Academies are owned and run by not-for-profit private trusts that register as companies and are subject to company law. They are controlled and funded directly by central government by means of a contract – a funding agreement – between a trust and the most senior education minister. This paper argues that the academies programme, which has had mixed results as regards pupils’ academic attainment, has not only been costly for the public purse, but also raises serious concerns about the use public money at the level of the academy trust.
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