The National Literacy and Numeracy Strategies (NLS and NNS) represent a major government initiative to improve classroom practice and pupil learning in literacy and mathematics in primary schools across England. National targets were intended to increase the percentage of 11-year-olds reaching Level 4 in annual assessments for English and mathematics. This is the third of three annual reports by the Ontario Institute for Studies in Education (OISE) on NLS and NNS. This executive summary considers value for money in the funding of NLNS and on the perception and experience of the Strategies in schools. It also discusses successes of the program, such as the influence on the teaching and learning of literacy and mathematics and establishing a national infrastructure. Challenges such as teacher capacity, embedding accountability and capacity building, and manageability for local education authorities (LEAs), are also explained. (PM)