Pretty serious. Recessions affect different layers of the economy at different times. First markets crash, but your income and job security stays the same. Then markets plateau, but workers start losing jobs. Finally, markets start to grow again, but you're still living under the bridge.
If you're not a billionaire, this is the best time to invest - you still have a job, but markets are going down rapidly. You won't have cash later on.
The article IS about a public school. State schools in the UK are not open to the general public, you must live in its catchment area to be able to get your kids inside and often match other criteria as well. Private schools are called public in the UK because they don't have restrictions and are open to all members of public - if you have cash then your kids can study.