Education News - Education World News
Wednesday, 07 January 2009 01:28
ISC Chief Executive comments on the effect of the credit crunch on the independent sector
The Independent Schools Council (ISC) has recently taken a number of press queries on the impact of the credit crunch on the independent sector.
Speaking on the issue today, ISC Chief Executive David Lyscom provided the following comment:
"ISC does not wish to play down the seriousness of the economic situation for the UK as a whole, but it should not be assumed that there will necessarily be widespread effects in the independent schools sector.
"Anecdotal evidence from ISC Heads suggests that numbers of pupils are holding up this academic year. We will have concrete evidence when we conduct our annual census in the New Year. Our Heads also say that interest from parents in enrolments for September 2009 is high."
There are two areas that schools will be watching closely:
The direct effects of the credit crunch and inflation
Schools will be ensuring that they rigorously control their costs to take into account the increaseinenergy and other prices - although it should be noted that these pressures are beginning to ease. Schools will also be looking to the banks to maintain normal credit facilities where these are needed.
"We welcome moves by the government and banks to ensure that small businesses do not suffer from the unwarranted withdrawal of banking facilities. We also welcome efforts to pass on the reduction in interest rates onto businesses."
Changes in disposable incomes of parents and potential parents
Here too the concern over inflation and high interest rates has subsided over the last few months. But there is obviously a real concern over unemployment and redundancies.
Where parents do have difficulties, experience suggests that children's schooling is one of the last areas of expenditure to be affected. Parents see school fees as an important investment in their children's future and good value for money.
"Schools are always ready to discuss measures that are available to support parents with payment of fees, such as bursaries and extended payment. One third of pupils at ISC schools already benefit from fee assistance, representing a direct cost to the schools of more than £350m each year."
Press enquiries
Alexandra Caish, Head of Press, Independent Schools Council Telephone: (office) 020 7766 7060 (mobile) 07825 806017 email:
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