From this weekend's FT... [ and for the record I think she's wrong and should have kept the children at the schools to which they were used - the oldest boy was at Eton and I think the one being pulled out after one year]
The choice that no parent wants to make
By Mrs Moneypenny
Published: July 4 2009 00:38 | Last updated: July 4 2009 00:38
?Vale, heroum filii.? I hate saying goodbye, even in Latin. It is hard wrenching yourself away from a place where you feel at home, where the buildings are familiar, the teachers are supportive, you have lots of friends and where you believe you have been part of a pre-eminent educational establishment. And that?s just how you feel as a parent. Imagine how your child must feel.
Because Moneypenny plc has not been immune to the recession, the cost centres are about to become the reduced cost centres. Managing a business is one long risk-assessment exercise, and the question CEOs have been asking themselves in this recession is: what are the risks of continuing to spend at current levels while revenue plummets? Finance departments have been modelling and remodelling to show what would happen if sales fell to 2006 levels, or worse. Running a family is just the same ? what are the risks if bonuses and dividends are not forthcoming for the next few years? In our case it would have meant that CC#2 might well have had to come out of school halfway through his GCSE syllabus, and changing school at that point is very tough. So we decided to eliminate that risk by removing him from his senior boarding school after only a year and sending him to the local selective day school. And his younger brother is coming out of his heinously expensive prep school and being sent back to the local village school where he started his education.
CC#1 is not immune from all this; he is off to university this autumn and we have combined cost management with a revised incentive scheme. We will not pay his fees, so he will have to take out a loan. But if he returns after three years with the same class of degree as me, or better, we will write him a cheque to cover the fees.
These are all significant changes, and, like the ones I oversaw at the office earlier this year, they were undertaken with a heavy heart and, I admit, more than a few tears. At the board meeting to discuss the restructuring (at our dinner table) Mr M advanced argument after argument for continuing to outsource the CCs to boarding school (what we have done for one we ought to do for the others etc etc). But in this economic environment, there are no sacred cows, and while I agree that CC#2 was getting what is probably the best education money can buy, was it really going to deliver him a three times better result in life than the next best alternative? Because, make no mistake, it costs three times as much. I also realised that most of the reasons that Mr M and I felt so sad about CC#2 in particular were on our own account, not his. We have felt privileged to co-parent and educate our children in a historic school with fantastic teaching staff. It is very sad to have to say goodbye.
But CC#2 is a diligent and ambitious student, who will succeed wherever he studies. And we are not the only people to review our personal expenditure. At every level, the people I know are cutting back, although all things are relative. Mr M and I dined recently at the home of a man who has more people on his personal payroll (crew for the yacht, gardeners for the house in France and so on) than I do in my business. But the cook has gone, and our host barbecued for us, and sent his wife out to buy the cheese. (And still found time to show off the lighting system in his basement loo ? what is it about boys and toys?)
The rich and/or famous are not immune. Our friends the Famous Couple celebrated their 10th wedding anniversary the other day. They told guests to bring their own tables, chairs and cutlery for a picnic dinner and found the ultimate boy with a toy ? a hedge fund manager with a disco kit ? to provide the 1980s music. Lots of parents will have to make tough choices in this recession, and I hope boys, not just ours, will look back and realise that, wherever they went to school, they are still heroum filii."