Student Loans: Interest Rates Debate

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Department: Ministry of Defence

Baroness Manzoor

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House of Lords

Student Loans: Interest Rates

Baroness Manzoor Excerpts

Brexit: Impact on Young People
Monday 11th September 2017

(7 years, 3 months ago)

Lords Chamber
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Lord Adonis Portrait Lord Adonis (Lab)
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My Lords, does the Minister think there are any circumstances—

Earl Howe Portrait The Minister of State, Ministry of Defence (Earl Howe) (Con)
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My Lords, I think it is the turn of the Conservative Benches, but I hope we can also fit in a question from the noble Lord, Lord Adonis.

Baroness Manzoor Portrait Baroness Manzoor
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I thank my noble friend. Is there any merit, while the Minister is reviewing interest rates, in giving consideration to CPI, which of course is lower than RPI?

Viscount Younger of Leckie Portrait Viscount Younger of Leckie
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We believe that RPI is more appropriate than CPI for student loans. It takes account, among other things, of changes in mortgage interest payments and council tax, which, I may say, are typical expenses for graduates that are not included in the calculation of CPI.

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