I have taught in both systems. 7 years private, 21 years state, now in my 6th year of private. For financial and geographical reasons my own children were 100% state. DH state, me private (boarding school - parents lived in Saudi). So, I see both sides very clearly.
My school is a fairly ordinary private all through day school in a relatively poor city. We are very badly feeling the effects. Entrance at primary is way down (50 in a year group down to 30). Pupils are leaving, or being told they might.
Terrible effect on kids' mental health. Lots of tears and anxiety.
We are going through staff redundancies. The government projected a 10% drop in pupils. That, for us, is about 20 jobs (about half teachers, the rest support staff). My department will be cut by 1/6 teachers as we only need 5 if year group sizes drop.
We take plenty of SEN kids. Many with autism / ADHD / partially blind / physical disability. Plus, we have a lot of girls in particular who move from state for a more relaxed experience or do get more support for anxiety etc.
I think children are suffering badly. I don't understand the haste. Why not bring it in slowly? Allow time for kids to finish exams etc? Why the rush for so little money?
So, it causes harm to kids, costs jobs and is driving many to despair.
It is just cruel. My own kids are, thankfully, adults now. I am so glad I was not put in the position of making the terrible choices some are having to make.