This article provides an account of a small-scale pilot study of the cost and perceived benefits of the educational psychology services in two comparably small local authorities in England. This study is preparatory to a more detailed examination of the costs and likely benefits of state provision of educational psychology services in England. The work is contextualised by acknowledgement of the growing pressure on local authority services to trade and for schools to directly commission the services of educational psychologists. Provisional findings indicate significant differences between the impact of the two services that participated. The authors offer speculation on the effects for local authorities and schools, and ways in which the study might be developed to provide more satisfactory answers to the questions of "what is the value of educational psychology in practice" and "how best to deploy educational psychology services?"