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NickCJ
I see a lot of feels going on.
You'd probably also need to introduce some sort of reverse funding policy like in NZ to prevent wealthy people living in expensive areas blocking out all their local schools and then contributing extra funding.
The whole system has so many built in advantages it's hard to really extract what is what:
Parents with high educational attainment send kids to good nursery > send kids to selective primary school where they filter out early high achievers > kids get focused education and pushed harder > go to better senior schools > get pushed harder > get put forward for subjects more likely to get into top unis > get into top unis > get better jobs > buy vitsoe shelving > etc. > etc.
We live not far from Habadashers and the entrance exam is nuts. Obviously you need money too, but can those kids (who I'd guess are among the most advanced in their cohort) ever be equally served by education designed for the broadest section of society?