That is a very good question. I can tell the noble Lord candidly that when I arrived in that post in September 2017 it was more
than 1%. In my first few weeks in office, I was probably getting three or four cases a month of maverick trusts on the brink of failure financially and basically, as my noble friend Lord Baker said, putting a gun to my head for a financial bailout. By the time I left, we had virtually eliminated that. I did it through what was then called the Academies Financial Handbook—it is now the Academy Trust Handbook—by absolutely binding the ESFA tightly together with the RSCs, so that whenever they met a MAT or a single-academy trust, the two people were in the room. I bang on about the money because if you get the money right, you have the resources to educate properly. That is how I have always managed the process, and we achieved it.
I accept that there are different views of Ofsted and that Ofsted is not perfect, but one thing about Ofsted is that the brand value across the sector is very strong. People respect it—they might resent it—but there is a mechanism to appeal if you get a report you do not agree with. Everyone in the sector largely accepts that it is the arbiter of good education.
When I left, the ESFA was an extremely effective organisation; it knew where the money was. I know that noble Lords opposite me do not all agree with academies, but the financial reporting and transparency of the academy programme is infinitely greater than those of local authority schools. An academy trust closes its books on 31 August. It has to file audited accounts in four months, by 31 December; ordinary companies have nine months to do that. That is not a requirement in the local authority schools and it provides huge scrutiny. You pick up the warning signals. If those accounts are not filed on 31 December, I used to get a weekly report on who was late and how late they were, and went after them. If they were late filing their accounts, you knew there were problems. By the time I left, we had got that down to a very small number.
I do not want to bang on about all this detail in this Chamber—it is not fair on noble Lords. I just want the Government to back off on this. There are some important things in this Bill—the homework and home schooling stuff—which are absolutely vital. I saw that agony when I was here, in my noble friend’s place, when we had a Private Member’s Bill and it was suffocated. This is a huge problem, getting worse all the time. Let us get that sorted out. This is a crucial problem, not to be sorted out in a rush. My noble friend has been bounced; the Bill Office has just said, “You’re the first cab in the rank in this new Session, get on with it,” and she has not had the time to do the job properly.
I am going to stop here, but I want to thank my noble friend the Minister. I think that she has been given an impossible job; she is bending over backwards to listen to everybody here, and I want to extend my courtesy to her and say that I will do anything I can to help.
6.30 pm