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system or transmitted in any form or by any means without the prior permission in writing of the publisher nor be issued to the public or circulated in any form other than that in which it is published. Requests for permission to reproduce any article or part of the Working Paper should be sent to the editor at the above address. The Centre for the Economics of Education is an independent multidisciplinary research centre. All errors and omissions remain the authors. Executive Summary State sector education policy in England aims to deliver raised standards of attainment and equality of educational opportunity by offering fair access to schools for all pupils from any background. During the lifetime of the previous Labour government (May 1997 to April 2010) a key policy tool used to tackle entrenched low levels of academic performance among state secondary schools in areas of decline has been the school renewal initiative of the Academies Programme. This scheme was first announced in March 2000 and came into operation in public sector secondary schools from September 2002, with the opening of 3 renewed schools in tha