Opportunities for the Next Generation

Andrew Bridgen Excerpts

Tuesday 13th September 2011 Commons Chamber

[Mr Willetts]

Given what happened to personal debt under the previous Labour Government, about which my colleague the Secretary of State has been absolutely eloquent, I do not think that Labour can be taken seriously on this subject. We are still waiting for Labour to learn from its fundamental mistake of having uncosted public expenditure programmes and irresponsible and unfunded tax reductions, but it has not learned that lesson as we can see from the motion, which is an absolute example of that. It is full of extra public expenditure promises, it has a tax cut in it and, once again, as always with Labour, the figures do not add up.

[Andrew Bridgen (North West Leicestershire) (Con)]

The Browne review estimated that if all new students from 2012 paid Labour’s favoured 3% graduate tax, it would not provide sufficient revenue to fund higher education until the tax year 2041-42. Will the Minister estimate how much that would add to the record budget deficit left behind by the Labour party?

[Mr Willetts]

My hon. Friend is absolutely right that the graduate tax favoured by the Labour leader would make the fiscal crisis that we have inherited far worse. That is one of the many objections to the idea.