Wednesday 6th August 2025
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Oxford increases bond sale to £1bn

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Image Credit: Aivin Gast

Oxford University has tapped its £750 million 100-year bond for a further £250 million, raising almost £1 billion in sterling bonds due in 2117. The University issued bonds for the first time in 2017, raising £750 million from global investors, marking the biggest amount raised from the capital markets by a UK university in recent years.

The issuing means that Oxford will receive funding from investors, and will repay said contributors after 100 years. Interest rates were set at 2.54% in 2017, but this rate was dropped to 2% follow- ing consistency in the University’s global reputation and the potential for more international students attending the University as a result of a weaker pound.

The BBC reported in 2017 that the University intended to use the money raised from bonds to improve facilities, but a media statement released by the University’s News Office this month states that “the cash raised will be used for General Corporate Purposes”. Oxford plans to invest around £1.5 billion in building projects over the next 10-15 years.

Professor Louise Richardson, University Vice-Chancellor, commented: “Oxford University is grateful for the continued support of investors and is delighted by the outcome of the issue which will be used in pursuit of academic excellence.” It is generally understood that uncertainties surrounding higher education funding and threats to EU-wide research projects in the wake of Brexit are major reasons behind this move. Richardson told BBC Radio in 2017 that despite Oxford being ranked the top university globally by Times Higher Education, the University is “really quite worried” about Brexit driving away academics, researchers and students.

Reuters reports that Oxford receives around £67 million a year from the European Research Council, and there is no reassurance from the UK government that this funding will be replaced after Britain exits the European Union. Multiple institutions in the UK preceded Oxford in seeking funding from bonds. Colleges have also previously issued bonds independently, and in 2012 Cambridge University raised £350 million from a 40-year bond. Cardiff and Bristol universities raised money in the same decade, following a 2010 report from the Russell Group which concluded that bonds are a viable way to finance higher education.

The bond sale raises questions about the gap between richer universities capable of raising funds from investment markets and other institutions. Oxford currently has an endowment of more than £2 billion, and 40% of its profit comes from Oxford University Press.

With assistance from JP Morgan, the bond’s predicted stability is likely to attract pension funds and other institutions looking for long-term investment.

Oxford Academics win prestigious Blavatnik Awards

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The Blavatnik Awards for Young Scientists have recently announced this years’ winners, with Oxford University Professors Timothy Behrens and Elanor Stride recognised for their work in Neuroscience, and pioneering cancer treatment.

The award recognises excellence in life sciences, physical sciences & engineering, and chemistry, with a jury of leading UK scientists selecting three laureates and two finalists to receive the largest unrestricted cash prizes available to scientist under the age of 42.

Professor Behrens of the Nuffield Department of Clinical Neuroscience at the University of Oxford will receive £75,000 for his development of ground-breaking models for mapping the brain’s electrical signals.  Prof Behrens’ work has had large translational implications for how doctors provide brain surgery, using innovative computer models that also have large application in the field of artificial intelligence, and the diagnosis of mental health conditions. The junior research fellow said he was “completely thrilled and honoured” to be this year’s laureate.

Finalist Professor Elanor Stride’s use of microbubble technology has helped develop more effective cancer treatments, recognised by the scientific community in awarding her a finalist prize. Dr Brooke Grindlinger, Chief Scientific Officer for scientific Programmes & Awards at the New York Academy of Sciences speaks not only of Prof Stride’s radical clinical research in the use of microbubbles as targeted drug delivery vessels, but also of her innovative start-up company AtoCap which focuses on the treatment of chronic infections.  The professor of Biomedical Engineering at St Catherine’s College is a “bold, young innovator improving lives and inspiring minds.”

Funded by the Blavatink Family Foundation and the New York Academy of Sciences, the award also involves the winners presenting an interactive lecture on their research at a public symposium in March. Other prizes were awarded for work in fields such as gravitational theory, fossil dating and atomic energy research.

The prize will “elevate these select scientists to an international stage that will enable them to be recognised globally,” says Sir Leonard Blavatnik, and will help the winners become established and recognised at what is a relatively early stage in their scientific career. The prize seeks to award and encourage young scientists who have taken big risks early on in their career, with many recipients going on to win other prizes later in their career.

 In its third year, the Blavatnik Awards received 80 nominations from 41 academic and research institutions in the UK, and is part of a wider scheme including the Blavatnik Awards in the United States and the Blavatnik Awards in Israel.

Homeless community speaks out against ‘spiteful’ armrests on benches

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This weekend two extra armrests were drilled onto an Oxford bench on Woodstock road to stop people from lying down. 

A photo of the bench, located inside a bus shelter, was uploaded to Twitter on Monday showing two new metal bars. The person who installed them is unknown and did so against Oxford City Council wishes. The bars have since been removed by the council. 

The action has been branded as ‘hostile architecture’, a design strategy which aims to restrict behaviour in public spaces to boycott ‘antisocial’ behaviour such rough sleeping. 

A number of individuals spoke to the Oxford Mail about their feelings on the issue, including members of Oxford’s homeless community. 

James Ellam, a 41-year old living on the streets, said: “It’s tough – you get moved on all the time. Police give you a hard time, everybody gives you a hard time. They put things in front of doorways so you can’t get some shelter.” 

Sam King, who has been living in sheltered accommodation run by the city council, commented: 

He said: “I think people can help us just by being nice. Not by doing things to benches.” 

“When you get trench foot you have to sit down or lie down because you need to rest, but when you do you get told off for sitting down on the pavement and people think you’re begging. 

“Sometimes you are begging, but not all the time.” 

He also said: “Begging is a life skill for homeless people – it’s needed for survival. 

“I feel really bad about doing it – I hate asking people for money and I always say sorry when I ask.” 

28-year-old Jason Dart,who has been sleeping rough in and around Oxford for nearly ten years, said: “What happens if an old man needed to put his feet up or somebody with mental illness needed to rest – it might not be a homeless person using that bench.” 

He added: “I sleep in the covered market ally bit – they move me on at about 7am, they’re really nice about it every day. Then I go and sleep on the gap doorway until about 9am – after that I just try and find places to be.” 

Oxford City councillor Shaista Aziz said: “It’s quite an aggressive approach. 

“You can’t have a city like ours that wants to move forward with homelessness and then do this – we are supposed to be making progress. 

“It’s really easy to demonise homeless people but they actually feel ashamed – and it’s exhausting to be homeless – you can see it just by looking at them. 

“Hostile architecture is unwelcoming. Public spaces are for everyone – whether they have a home or not, and whether they are rich or poor. What this is saying is that public spaces are being limited for certain people.” 

Ms Aziz shared the image on Twitter, writing: “I’m against all types of hostile architecture making it harder for people who are homeless to rest and take shelter from the rain and freezing cold.” 

Linda Smith, deputy leader and cabinet member for leisure and housing at the council, said in a statement: 

“These arm rests were not installed by Oxford City Council or Oxford Direct Services and we are removing them today. 

Arm rests on benches are part of inclusive design as they provide extra help for older people and people with mobility issues, making it easier for them to sit and stand up again. This bench already has three arm rests. 

We believe that nobody should have to sleep rough in Oxford and we’re doing more than ever before to tackle the national homelessness crisis.” 

The council has recently opened a new £1.9m homeless shelter on Floyds Row off St Aldates. 

Westgate car park blocked by school climate strikers

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Striking school pupils frustrated drivers by blocking the entrance to Westgate Centre car park in a climate change protest last Friday.

The Oxford Youth Strike for Climate protesters began in Bonn Square at 11am, where they first held a one-minute silence to stand in solidarity with people affected by Australia’s wildfires. 

They then marched through Westgate to occupy the entrance to the car park on Oxpens Road. A group held a sign saying ‘Oxford Youth Strike for Climate’.

Some of the group were the ‘non-violence and de-escalation team’. Others sang chants and distributed flyers to blocked drivers.

Resulting queues of over 10 vehicles attracted the attention of Westgate security guards who asked the protesters to leave.

EJ, an 18-year old campaigner, told Cherwell: “The aim of the strike was to step up the level of disruption. So far we have done 12 strikes. Although we’d seen some change, a lot of people didn’t care because it didn’t have any sort of direct effect.

“Although a lot of the blame lies with governments and major corporations, it is also with consumers: what they are eating, how much they buy, whether they drive.

“If you live in a really rural area, and you absolutely have to drive, then okay. But if you live somewhere close like Abingdon, then driving to go shopping isn’t something you should be doing.”

Layla Moran, the Liberal Democrat MP for Oxford West and Abingdon, supported the strikers as they gathered in Bonn Square. She spoke at the rally, saying: “There was not enough climate action in that Queen’s Speech. And this is 2020. If we don’t solve this now, if we don’t solve this in this decade, there is a chance that we will be too late. And I am not going to let that happen.”

Moran told Oxford Mail: “This isn’t being done so that children can skip school – they are doing this because they feel passionately about the activism and they feel there is an emergency they need to address.”

Commemorative flames for 75th Holocaust Memorial Day

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Oxford will commemorate the 75th anniversary of the liberation of Auschwitz-Birkenau with 75 memorial flames. 

The flames will be lit as part of a service at Oxford Town Hall on Holocaust Memorial Day, Monday 27th January. 

Stand Together is the theme of this year’s Holocaust Memorial Day, exploring “how genocidal regimes throughout history have deliberately fractured socities by marginalising certain groups, and how these tactics can be challenged by individuals standing together with their neighbours, and speaking out against oppression.”

The service will also mark the 25th anniversary of the genocides in Bosnia, Rwanda, Cambodia and Darfur. 

A Yahrzeit candle, a Jewish memorial candle, will be lit to reflect and remember the six million Jewish people murdered during the Holocaust, alongside the milions of other people killed under Nazi persecution and in subsequent genoicides around the world.

A reflection service, which will take place in the Old Library, it will be open to members of the public, City Council staff and councillors of any faith or none.

Councillor Craig Simmons, Lord Mayor of Oxford, will host the service which will also include an interview about the persecution of Jewish people in pogroms with Dr George Gilbert, Lecturer in Modern Russian History at the University of Southampton.

The service will also see contributions from the City Rector, The Reverend Anthony Buckley, Penny Faust of the Oxford Jewish Congregation, Jawaid Malik of the Oxford Foundation, and Anneliese Dodds, MP for Oxford East. 

Councillor Simmons said: “It is important we remember the horrors of the past to avoid them being repeated.

“Some of my own family came to the UK as refugees from the violent pogroms in Eastern Europe. One of my grandparents escaped from Vitebsk; the widespread massacres of Jewish people that occurred there in 1941 are well documented. Those family members who remained were certainly killed.”

The Holocaust witnessed the ideological and systematic prosecution and mass murder of millions of European Jewish, Travellers, the disabled, intellectual dissidents and homosexuals.

Council outlines new housing strategy

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The Planning Inspectorate have approved Oxford City Council’s plan for the building of over 10,000 homes by 2036 to meet Oxford’s housing crisis. 

The Inspectorate concluded that Oxford faces ‘serious unaffordability in the housing market and unusually marked inequalities’. This justifies the Council’s estimated need figure of 1,400 homes a year until 2036. The plan that was initially submitted estimated a requirement of 8,620 homes in total, but this was modified to a minimum of 10,884 homes as the city’s needs became clear. 

According to the report, some of the housing ‘cannot be accommodated within [the city’s] boundaries and needs to be accommodated by Oxford’s neighbours’, requiring cooperation with other local authorities. There have already been large numbers of Oxford residents moving to nearby towns where house prices are far cheaper. In 2019, the average price of a property in Oxford was just shy of £400,000, around twice that of its counterpart in Swindon. The portion of the East-West railway connecting Oxford and Bedford due to be completed in the mid-2020s, will further encourage movement to neighbouring counties.

The housing proposals in accordance with a 2014 Strategic Housing Marketing Assessment study that called for more local authority building in the county amounting to a minimum of 24,000 a year in Oxfordshire. The South Oxfordshire District Council’s leader Sue Cooper suggested the SHMA findings had been ‘discredited … in some eyes’, as they may increase the pressure on rural local authorities outside the city. However, the certainty provided by the inspectors’ seal of approval was welcomed by all.

The Inspectorate has also stated that ‘the substantial level of affordable housing need in Oxford’ constitutes as ‘exceptional circumstances for the release of Green Belt’. This has been met with condemnation by several local campaign groups including the Campaign to Protect Rural England. They argue the ‘growth at all costs’ policy needs to stop, and their leader Helen Marshall told the Oxford Mail it was ‘a second-rate plan for what should be a first-rate city’.

However, the report contains provisions to ensure that ‘urban land is brought forward where possible’ and puts forward a modification for minimum housing numbers within site allocations. This would ensure that brownfield sites would be exploited to their full potential and hopefully prevent serious loss of the Green Belt. There have already been initiatives to this effect with the Council participating in the ‘Action on Empty Homes Week’ to address the 400 or so homes currently vacant in Oxford.

The plan was also modified to exempt affordable housing contributions on sites of less than ten homes and certain forms of student accommodation. Currently large student housing developments are required to provide some affordable housing, but this will not apply to housing on campus or redevelopment sites.

The current Cabinet Member for Planning and Sustainable Transport, Cllr Alex Hollingsworth, described the plan as ‘the culmination of a long period of work between the City Council and partners’ and looks forward to implementing it. Although recognising the compromises made to better provide affordable housing, he believes they have struck the right balance between conservation and development.

St Anne’s celebrates 100 years of women with unpaid fellowship

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St Anne’s has been criticised for their creation of a non-stipendiary junior research fellowship to honour 100 years of women at the University. The fellowship, named after St Anne’s’ founder Annie Rodgers, is meant to “celebrate 100 years since women were formally admitted to the University of Oxford and first awarded Oxford degrees.”

However, in an article published in the Independent this week, an academic at Oxford criticised the move, saying: “The fellowships created by St Anne’s offer little by way of funding, so it is hard not to see them as exploitative, especially since the college is seeking applications from women and black and minority ethnic candidates to address their problems with under-representation.”

“A fellowship that actually funded the research of early career researchers would send a much stronger message about their support of women in higher education,”

St Anne’s has defended the post, and criticised the Independent’s publication of the story, telling Cherwell: “St Anne’s College is disappointed that The Independent chose to publish misinformed criticism of our Annie Rogers Fellowships, despite a telephone conversation with the journalist concerned and the provision of a press statement that clearly explained the positive nature of non-Stipendiary Junior Research Fellowships both for the individuals who are awarded them and for the College hosting them. The unprompted online comments under the article on The Independent website underline misunderstanding that underpins the concerns raised and the widespread, uncontroversial and constructive use of such Fellowships in many Oxford and Cambridge Colleges.”

The benefits of the fellowship to which St Anne’s refer are “to participate in the academic and social life of the College and support one or more of the aims and/or beliefs of the College.” The post also entitled fellows to free meals during term time, free breakfast and one main meal per day during the vacation, and hot-desk space at the College.

A research grant of £1,000 every three years is also available if the relevant research furthers the beliefs or aims of the college, and an extra £1,000 per annum can be made available if other research funding is unavailable.

The fellowship also requires a fee for the successful applicant’s membership of the SCR. These typically amount to around £35 per term.

Mertonian U-Turn: college changes its policy on trans intersectionality

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Merton college has made a substantial U-Turn on its policy surrounding an upcoming discussion of “Perspectives on trans intersectionality”.

On Wednesday, the College withdrew a publicly available Code of Conduct for their “Equality Conversation 2020 Seminar”, which asked all attendees to “[be] respectful of all gender identities; avoid deliberately misgendering the speakers or other attendees (although it’s okay to make a mistake, apologise and move on); refrain from using language or putting forward views intended to undermine the validity of trans and gender diverse identities”, specifying that “By booking a ticket for the Equality Conversation you are agreeing to act in accordance with this code of conduct. ”

It was replaced with a statement outlining the college’s stance on academic freedoms and discrimination: “The University and College prioritise the protection both of academic freedom and of their members from unlawful discrimination.

“We seek to foster a culture of robust expression of opinion and debate that does not tolerate any form of harassment or victimisation.

“We and the University are committed to fostering an inclusive, diverse environment and to ensuring that all our staff and students, including LGBTQ members of the community, are able to thrive and realise their potential.”

The statement went on to say that the College wants to foster an “inclusive culture and a workplace” as well as a learning environment that “prizes academic freedom while being free from discrimination, harassment or victimisation”.

According to Merton College, the seminar “exists to enhance understanding of equality and diversity through constructive discussion”. Speakers at the seminar include Freddy McConnel, a transgender man, famous for his attempt to make his child the first with no legal father. Also speaking are Clara Barker (chair of the LGBT+ advisory group to Oxford University), and Sabah Choudrey (co-founder of Trans Pride Brighton).

Various academics had commented on the original Code of Conduct, with Oxford Professor Selina Todd describing it as a “dangerous precedent” that had left her “stunned”. She went on to say “I’m delighted that Merton College has upheld freedom of speech and the right to debate in accordance with College and University policy.”

Similarly, Professor Kathleen Stocker, a philosopher from Sussex University and self-described “gender critical” academic, responded to Merton’s decision, telling press “I’m really glad Oxford has responded so quickly to make sure the value of academic freedom is upheld, and legal duty complied with.

“If I give a talk criticising the idea of an inner feeling of gender identity, I expect the audience to be able to disagree – the same should apply to academic events supportive of the idea of gender identity.”

On the 21st January, Stock tweeted the following about the Code of Conduct “another day, another draconian attempt to suppress gendercritical thought at a British Uni – this time @UniofOxford no less. This is “Perspectives on Trans Intersectionality” at University of Oxford. Note in particular last two lines, as conditions of attendance / participation.”

Previous to this incident, the Sussex professor was part of a dispute with Oxford University Press, as she claimed in a separate tweet in December:

“Just been told that Oxford University Press (USA) dropped entire book of interviews with women in philosophy, after Holly Lawford-Smith & I were proposed as included in it. Our inclusion was judged “problematic”. This after Kate Manne withdrew for same reason. More when I know it”.

The book, Philosophy at 3:AM, was to be the latest in a series written by Richard Marshall, a freelance education consultant.

In response to dropping the book Oxford University Press stated, “Our editors consider a wide range of factors when reviewing the many hundreds of proposals we receive each year, to help us to decide whether or not we publish something. In this specific case, the submission was a collection of interviews—a format that we have found increasingly challenging to publish successfully in recent years. We also felt this contribution didn’t align to the other contributions for this publication, and so suggested other publishers where it could be a better fit.”

In contrast to Stock’s tweet, however, OUP does say “Scholarly integrity lies at the heart of OUP’s mission. We do not shy away from publishing works that could generate controversy or result in negative publicity.”

Further to this the company emphasises that “It’s worth noting that the book had not been accepted and was still at the proposal stage so was not dropped or abandoned while under contract in the publication process.”

Resignations at Academy following Ofsted inspection

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The headteacher and governors of the Oxford Academy have resigned following the publication of an Ofsted Report which rated the School ‘inadequate.’

An Interim Advisory Board (IAB) has been put in place to replace recently departed staff. Andy Hardy, the now former headteacher of the Academy who had been in position since September 2018, left the school on December 31 due to ‘personal circumstances.’

Members of the governing board resigned explicitly over the Ofsted rating and the School being placed on special measures.

The Report, highlighting safety concerns for pupils at the School, stated: “Pupils do not get a good deal at this school. The behaviour of a growing minority of pupils has become unruly, unkind and unsafe. Bullying is not dealt with well enough. Many pupils rightly told us that they feel very worried about coming to the school. There is not enough support for pupils’ personal development and well-being. Serious safeguarding concerns have not been acted on promptly enough.

“Frequent behaviour incidents, in class and out, disrupt daily life. Many pupils are scared to use communal areas. Incidents of violence and abuse, including fights between pupils, are increasing. Many pupils use homophobic language. Leaders have failed to deal with the situation. The behaviour policy is not effective, and staff do not implement it consistently. Sometimes, low-level behaviour escalates to become much more serious. Several staff told us that they feel unsafe. They are frustrated and disheartened, because leaders do not support them effectively.”

The issues at the Academy have primarily been blamed on poor direction from the School’s upper hierarchy, explaining the departure of both the former head and the governors.

Ofsted inspectors explained: “Leaders are hugely overstretched. Many are inexperienced in their roles. Not enough priority has been given to the leadership of safeguarding and pupils’ well-being. Leaders lack a precise understanding of the serious scale and nature of behaviour incidents. Important signs that pupils need help have been missed, because of a lack of communication.”

The Report rated the Academy ‘inadequate’ in the areas of quality of education, behaviour and attitude, personal development, as well as leadership and management. Sixth-form provision was the only area that was rated above ‘inadequate,’ though it was still labelled under ‘requires improvement.’

These rating represent a marked departure from Ofsted’s previous inspection in September 2016, which rated the School ‘good’ for the first time in its 12-year history.

The new IAB that now controls the School comprises four members, David Terry, the interim head, Paul James, the chief executive of the River Learning Trust, Tony Wilson, Director of Education for the Oxford Diocesan Board of Education, and Adam White, a lecturer at Oxford Brookes University.

In a statement, the IAB said: “The IAB brings a wealth of experience in creating outstanding schools and steering schools through difficult periods. During the last six weeks the IAB has taken decisive action to make rapid and sustainable improvements at the school.

“Also, River Learning Trust (RLT) has agreed in principle to welcome The Oxford Academy into its family of secondary and primary schools. The trust is working closely with the Department for Education with the aim that The Oxford Academy can join later this academic year. However, in practice, the school is now receiving the levels of expert support from RLT that it can expect when it formally becomes part of the trust.”

The RLT is a multi-academy trust responsible for the administration of a number of academies in the area, and holding them to government standards.

Since taking over, the IAB has enacted a review of safeguarding in response to Ofsted’s concerns, taking action to improve safety issues. A new pupil behaviour management strategy is now in place, while leadership team responsibilities have been reviewed. Another senior leader has joined the Academy to focus on improving attendance and the provision for vulnerable pupils.

Mr Wilson, who also serves as the Chair of the Interim Academy Board, said “At the start of January we appointed an experienced interim headteacher, Mr David Terry, with a track record of school improvement, as well as an interim deputy head with expertise in behaviour, personal development and safeguarding”.

Tony Wilson, Director of Education for the Oxford Diocesan Board of Education and Chair of the Interim Academy Board, said: “We are delighted with the impact he has already made in a short space of time. Immediate action was taken last year in response to the concerns identified by Ofsted, and we have already carried out a thorough review of safeguarding. Improving attendance of our vulnerable pupils, and our provision for them, has also been a key focus.

“Additional teaching and support staff have been hired to fill vacancies in maths, English, PE, languages and technology, which means we have been able to reduce the number of supply teachers used. New staff and existing staff are being given extra training with a focus on safeguarding, behaviour and the quality of teaching. Some of the staffing issues we have had to resolve have stemmed from poor governance and past decisions relating to a financial deficit at the academy in excess of £1m. This deficit is reducing and we are working with the Department for Education to resolve the issue and ensure a positive sustainable future for the academy.”

Mr Terry, who has experience in schools on special measures, told the Oxford Mail: “To some extent the report reflects the school as it was, and we have definitely moved on [since inspection]. It’s a much calmer environment on site. We are focusing on behaviour and a better clarity of expected behaviours. We have just had to say ‘no’ and be assertive, but to say it with love and care.”

The IAB is only temporary, with the Academy looking to appoint a permanent headteacher by end of March.

As an academy, the School is directly under the supervision and funding of the government in Westminster, rather than local authorities as other schools are.

Writing to Nick Gibb, the Minister of State for School Standards, Anneliese Dodds, the Labour and Co-Operative MP for Oxford East, has criticised the government’s role in the development of the academy system and the failings at the Oxford Academy.

“I do believe that the departure of the previous leaders and governors will signal a change at the school, and it was right for them to leave and take some responsibility after a series of failings. I am sure that teachers who remain at the school are working hard to ensure that it is a safe environment for their pupils.

“However, I am incredibly concerned that this situation ever arose in the first place. I am concerned not only for the students at this school, but for what this signifies about the wider academy system which enabled such an enormous failure.”

Concerns over children’s safety at the School only became public after Oxfordshire County Council notified Ofsted of the issues in November.

A spokesman for the Council said: “We acted immediately by sending staff with safeguarding expertise to support the school. The safety and welfare of children and young people are of paramount importance to the county council.

“The county council has no direct responsibility for school performance. We believe the former school leaders and governors of the school are accountable for the findings in the Ofsted report.”

Wes Beckett on the Coronavirus

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Hilary Term 2020, Issue 2