A £43,000-a-year boarding school has been forced to make the 'heart-wrenching' it will close after 125 years following Labour's tax raid on private education.
Labour's decision to levy VAT on private school fees has dealt a heavy blow to the sector, which some institutions have been unable to deal with.
Queen Margaret's School For Girls in York has become the latest to announce its closure saying they are 'unable to withstand mounting financial pressure' following the introduction of VAT on fees.
The controversial tax, pledged in Labour’s manifesto, came into force in January this year.
The school also blamed 'increased national insurance and pension contributions, the removal of charitable-status business rates relief, and rising costs for the upkeep and operation of our estate'.
