'Crunch will hit private education'

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Diana Vernon, headmistress of the independent City of London School for Girls, said many would have to choose between going private at primary age or for the exam years.

Miss Vernon was speaking as her £12,375-a-year school came first in the Evening Standard league table for independent school A-level results.

But Miss Vernon said while her school in the heart of London remained popular, others suffered.

"The credit crunch is going to cause increasing numbers of parents to have to judge whether they are going to be able to afford to send their child to independent schools," she said.

The impact on independent schools has already been felt with at least six facing closure, including Wispers School in Haslemere, Surrey, and Westbrook House in Kent. An estimated 30,000 children have left the private sector.