The simple truth--one that bubble theorists consistently ignore--is that there's no law that says markets must collapse if they rise too much, just as there's no law that says markets must rebound if theyfall too much.
But instead of being included in the legislation, academies will fall under these requirements via their funding agreements, which set out what theymust do in return for their cash.
"Our income is falling and will continue to fall in the coming years and every single member of staff must take what responsibility they can for ensuring that we spend less, " he said.