The Government intends to make significant reforms to the school funding system in England over the next few years. In particular, it is considering a single national funding formula for all schools, which would leave local authorities with far less discretion than they have at present. While this would make school funding more transparent and consistent across the country, it would also inevitably create winners and losers. The goal of this research is to examine the rationale for such a reform to the school funding system, and how the different options for a national funding formula could impact on the funding levels of schools and areas of the country.