As a result of Tory austerity, funding of state school pupils has dropped dramatically when compared to those children in fee paying schools, who are subsidised by the tax payer.
Labour is looking to redress this imbalance and try (AGAIN) to get the education budget back up to where it should be as it did during its last term in office.
From the IFS report.
The Labour party has proposed a package of policies to remove tax exemptions from private schools. Most importantly in revenue terms, it has proposed levying VAT on private school fees. The revenue raised would then be used to increase state school spending and would be targeted at pupils from disadvantaged backgrounds.
In 2022–23, average private school fees across the UK were £15,200 in today’s prices (net of bursaries and scholarships). This is £7,200 or nearly 90% higher than state school spending per pupil, which was £8,000 in 2022–23 (including day-to-day and capital spending). The gap between private school fees and state school spending per pupil has more than doubled since 2010, when the gap was about 40% or £3,500.