England's performance in international tests of student achievement continues to be disappointing. Further improvement is essential not only for students' themselves but also for economic growth. This briefing considers the impact of Academies, school spending and teacher quality. Research evidence suggests that it is right to protect school budgets but too early to judge the Coalition's Academies policy. Although there was a large improvement in the first 200 schools (about 4 years after conversion), those schools were disadvantaged and underperforming (unlike the more recent academies) and the current programme is much larger scale. There is broad agreement that high quality teaching matters hugely for student achievement, but there is no magic national formula to bring this about.