Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 25th March 2014 Commons Chamber

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Will the Deputy Prime Minister go back and think about universities, and perhaps talk to some vice-chancellors? Vice-chancellors who are giving evidence to the Higher Education Commission, which I co-chair, have said that they are extremely worried about the long-term financial sustainability of a higher education system based on a mountain of student debt.

[The Deputy Prime Minister]

What I find so curious is that the hon. Gentleman’s party now seems to be attacking our student loans repayment system for being too generous. It is more generous in many respects than the one over which Labour presided. Under Labour, graduates had to pay back the moment they earned £15,000; under our system, they do not have to pay anything back at £16,000, £17,000, £18,000, £19,000 or £20,000, but only at £21,000. The figures he refers to are predictions, which will of course vary wildly from one estimate to the next, about what graduates will earn not next decade, not the decade after that and not the decade after that, but in 35 years. Surely he should focus on the success of more young people from disadvantaged backgrounds going to university, rather than trying to make political mischief about what may or may not happen in 35 years’ time.