FEE-PAYING schools have long played a giant part in public life in Britain, though they teach only 7% of its children. The few state-educated prime ministers (such as the current one) went to academically selective schools, now rare; a third of all MPs, more than half the appointed peers in the House of Lords, a similar proportion of the country’s best-known journalists and 70% of its leading barristers were educated privately. There is no sign that the elevator from independent schools to professional prominence is slowing: nearly half of the undergraduates at Oxford and Cambridge were privately schooled too.
Many ambitious parents would like to set their children off on this gilded path. But there is a problem: the soaring cost. Fees at private day schools have more than doubled in the past 20 years, in real terms; those at boarding schools have risen even faster (see chart). Since 2000 fees have risen by at least 6% every year, according to Horwath Clark Whitehill, a consultancy—double retail-price inflation and half as much again as the growth in wages. If this continues, a four-year-old embarking on a career in private day schools this autumn will have cost his parents around £170,000 ($335,000) in today’s money by the time he completes secondary school. So even though more Britons than ever before describe themselves as comfortably off, the share of children being educated privately is barely higher than it was two decades ago.