Due to lockdown, no exams were taken.
Instead teachers were asked to provide centre assessed grades (CAG) and a rank within each grade. Their very best guess as to what a student would have achieved had they taken the exam. To do this they used all data available to them and knowledge of the students. This would have been checked by head of department and SLT before finalising CAG and rank within each grade for each subject. It was a mammoth and very difficult process.
For every entered student, the school/college sent a CAG and rank to the exam board. Who then applied a standardisation to it to give a final grade.
One of the biggest problems with the standardisation is that small cohorts have been awarded the CAG without having standardisation applied. i.e where less than 15 students take a subject at a school, then the grade the teacher gave has been awarded.
Now, the centres that have the most small cohorts are of course private schools. They will traditionally also achieve the highest grades. So their CAGs will include an awful lot of A/A*grades. These have been awarded without standardisation being applied.
Then the standardisation model is applied to all larger cohorts to ensure that, nationally overall, roughly the same proportion of A/A* are awarded as in previous years.
Trouble is the small cohorts have already taken a large percentage of the top grades without being questioned. This leaves less top grades to be awarded to everyone else.
So small cohort schools (generally private) have been given more top grades than normal while large cohort schools/colleges (generally state) have been left with less top grades than normal.
Overall it may or may not have been fair to downgrade 40% of grades, perhaps some CAGs were over generous, perhaps not. However it is the way the standardisation has been applied (or not) meaning small cohorts do well out of it, where as large cohorts do badly that is grossly unfair and disproportionately affects disadvantaged schools and students.