Private schools attended by Kemi Badenoch’s top team sitting on £500 million in cash reserves

Exclusive:

Despite Tories complaining private schools are at risk of poverty, the posh schools they went to enjoy fully staffed horse-riding departments, shooting ranges, golf courses and a vineyard

Private schools attended by Tory members of Kemi Badenoch’s top team are sitting on half a billion pounds in cash reserves, research has revealed.

Despite Conservative shadow ministers complaining private schools are at risk of poverty when they lose their generous tax breaks, the posh schools they went to enjoy fully staffed horse-riding departments, shooting ranges, golf courses and a vineyard.

Nine members of the shadow cabinet attended private schools which are each able to call on an average of £45 million in ‘unrestricted reserves’ – which they can spend on anything.

For the first time ever, no members of Keir Starmer ’s cabinet were privately educated.

Ms Badenoch has promised her “first act” as Prime Minister would be to give tax breaks to private schools by reversing the Labour government’s changes. From January 1st, private schools will have to pay VAT on their income from fees.

Sarah Smith, Labour’s MP for Hyndburn, said: “The Conservatives are completely out of touch. While they were busy voting down billions of pounds of investment in our schools in the Budget, Labour has taken immediate action to improve life chances for all children.”

Shadow Leader of the House Jesse Norman attended Eton. Analysis of the school’s latest annual report, covering the year to August 2023, show £194.6 million in reserves.

Eton made headlines in October when it was revealed that headmaster, Simon Henderson, saw a 40 per cent pay increase to £370,000. In total, 47 staff at the school earn a six-figure sum. Wolverhampton Grammar School, where Robert Jenrick attended, has more than £17 million at its disposal.

Helen Whately studied A-Levels at Westminster School, which reported reserves of over £88.5 million in the year to June 2023. The school received a further £5m donation to partially fund the purchase of a new 3,266 square metre school building in central London.

Ms Whately, The Shadow Work and Pensions Secretary also went to a private primary school – Woldingham school in Surrey, which in 2023 opened a vineyard on its 700-acre estate. Woldingham’s most annual accounts show it has £22.5 million in reserve.

Alex Burghart was educated at Millfield School, which has more than £55 million in its coffers. The school boasts an equestrian centre with nearly 30 full-time staff members and stables for 90 horses, as well as a shooting range and a golf course.

Mr Burghart, the Shadow Northern Ireland Secretary has claimed withdrawing tax breaks enjoyed by elite schools was ‘punishment’ meted out by Labour.

Shadow Chief Whip Rebecca Harris attended Bedales. Boarding fees at the Hampshire school will increase to more than £52,000 in January 2025. Bedales head Will Goldsmith has accused Labour of ‘levelling down’ while his institution can count on reserves of more than £25 million.

Shadow Leader of the House of Lords Lord True attended Nottingham High School. The school’s annual report to August 2023 show it had more than £11 million in reserves, while at the same time looking to open ‘several’ overseas schools under its branding over the next decade.

Ms Smith added: “The Tories’ opposition to our plans would deprive schools like Hyndburn Academy in my constituency, of extra funding and support that they desperately need.

“For Kemi Badenoch to prioritise tax breaks for wealthy private schools while state schools face unprecedented staff shortages, shows that the Tories have learned nothing after 14 years.

“As part of our Plan for Change, Labour will end private schools’ tax breaks to improve standards and opportunities for the over nine in ten children attending state schools.”