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Marking schemes

This comment on Niall Ferguson’s piece in the Telegraph caught my eye:

Speaking as someone who moved from the
Canadian education system to the British one, I
recall being stunned when I was told that 70%
and above was an A*. Where I had come from,
85% and above was an A, and 95% and above was
an A*. Surely allowing students to pass an exam
where they need to meet less than 50% of the
expectations of the examiner is nothing short of
dumbing down?