This article examines the professional learning accruing from school-based initial teacher education (ITE) within the wider policy debate on school performance. It contrasts the very positive perceptions reported by teachers on the contribution of involvement in ITE to their professional learning with the less than fulsome attitude of school inspectors. Evidence is drawn from questionnaire responses from primary school ITE coordinators and mentor-teachers in the north-west of England, text searches of primary school inspection reports and quantitative data collected by Ofsted. It concludes that a more explicit emphasis on initial teacher education in school inspections would give due recognition to the important role played by ITE and make it easier to promote the professional learning and school improvement outcomes which derive from school-based initial teacher education. (Contains 5 tables.) [Appended to this document is: "Regression results of the determinants of Key Stage 2 and Ofsted averages."]