Private schools in the UK are mostly registered as charities – but they are also businesses – businesses in the sense that they sell a service to paying customers.

They’ve recently been in the news because the new government has said it will remove their exemption from VAT.

In this episode we take a look at the business of private education: how it works, how much money is made and what will happen when exemption from VAT is removed from school fees.

Evan Davis is joined by: Geoffrey Stanford, Head of Royal Grammar School Newcastle Jesse Elzinga Head of Sevenoaks School Cheryl Giovannoni, CEO, Girls' Day School Trust (GDST) Duncan Murphy, Director of Education, MTM Consulting

PRODUCTION TEAM: Producers: Drew Hyndman and Alex Lewis Editor: Matt Willis Sound: Rod Farquhar Production co-ordinator: Rosie Strawbridge and Janet Staples