If the school needs to save money, I'd rather it come through cutting school hours (whilst maintaining the same number of teaching hours) rather than savings impacting on education.
So I'd rather this than cutting the number of teachers/ TAs/ special needs staff, employing cheaper less experienced staff, or reducing the quality of classroom resources.
If the school needs to make savings, something will have to give. Yes it is very difficult for full time workers, but in the end the school's role is to educate children, and they can't sacrifice the education of all the children for helping working parents, which in the end isn't the school's responsibility.
The real problem is the cuts in funding which mean schools are making these unpalatable choices.
In the end austerity pushes costs from the state onto individuals, by the state providing less. So parents end up paying for childcare rather than the state funding schools more. I very much disagree with recent austerity changes, but there you go, it is what the country has voted for.
I do think it's unhelpful that the school didn't float the possibility prior to reception places. I guess schools are in competition to attract pupils so they will prioritise this.
It would also be great if they could expand the after school club. Our reception offers this cheaply and still generates a profit.