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Revealed: the spiralling cost of private education in the UK

Sep 2, 2016, 18:05 IST

ETON, ENGLAND - MAY 26: Boys make their way to classes across the historic cobbled School Yard of Eton College on May 26, 2008 in Eton, England. An icon amongst private schools, since its founding in 1440 by King Henry VI, Eton has educated 18 British Prime Ministers, as well as prominent authors, artists and members of royal families from around the world. The school caters for some 1300 pupils divided into 25 houses each one overseen by a housemaster chosen from the senior ranks of the staff which number around 160. (Photo by Christopher Furlong/Getty Images)Christopher Furlong / Getty Images

Private schools are seen by many in the UK as the route to success and top exam results.

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But the cost of sending a child to private school in the UK has increased massively over the past five years, according to research by Lloyds Bank.

Parents who opt for fee-paying schools can now expect an average bill of £156,000 over their school career.

The highest fees were in London, where the average cost of a private education is £179,000.

Parents in the north can expect to pay significantly less, at £126,000.

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The figures were based on a child who entered primary school in 2003 and left in 2016.

Here's the breakdown by region:

ICS (data accurate as of January 2016) / Lloyds

To make matters worse, fees have risen four times faster than average earnings.

This means that the average annual private school fee represents 39% of the average salary of £34,500, making it increasingly difficult for an average earner in most occupations to afford the spiralling cost.

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Fees are also rising well above inflation: average annual fees have risen by 21% in the last five years. Currently 7% of children in the UK attend private schools, and that figure hasn't changed in the past five years despite the rising costs.

Sarah Deaves, private banking director at Lloyds Bank, said: "With average annual fees at £13,341 per child and the compulsory school leaving age now 18 years, many families may well feel some strain.

"It has, therefore, become increasingly important that parents, and sometimes grandparents, plan their finances as early as possible if they want a private school education for their children," Deaves said.

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