A Penny For Them takes place in the sitting room of anxious Larry and his socialist husband, Freddie. Freddie is campaigning to save Calshaw Girls High School from becoming an Academy. He is to be interviewed by Nick, who is interested in events twenty-five years ago when two of Freddie's students: Julie (now a Tory specialist adviser) and Anne (now a company director), won scholarships to Oxford University.

To Freddie and Larry's surprise, Nick has invited the "Oxford Girls" along. He has also spoken to Louise, who failed to take up her Oxford place due to a breakdown following the death of her best friend Alison. Now, Louise has made a shocking discovery that compels her to uncover the truth, once and for all.