The head of education and skills policy at the Institute of Directors said "several factors" led to a drop in GCSE grades this year, meaning "we should look beyond simple year-on-year comparisons".
The fall in the proportion of students getting top grades at GCSE will dominate the headlines, but we need to keep focused on the bigger picture.
Students who have worked very hard but missed out on the grades they wanted will be disappointed.
But several factors, including the rise in early entry, pupils taking IGCSEs and the increased difficulty of science papers, mean that we should look beyond simple year-on-year comparisons of pass rates.
Pupils around the country received their long-awaited GCSE results today - here are some of the stories behind the results.
The proportion of GCSEs awarded at least a C grade this summer fell 1.3%, marking the biggest fall in the exam's 25-year history.
On the day that 650,000 students get their GCSE results, the Tonight programme asks whether the exams are fit for purpose.