David Lammy
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ONS Decisions: Student Loans
David Lammy Excerpts(6 years ago)
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Elizabeth Truss
My right hon. Friend is correct; that was done under a previous Labour Government. In fact, that Government also introduced tuition fees, which I supported at the time and continue to support. I probably have more in common with some of the last Labour Government than many Members on the Labour Front Bench today. In those days, the Treasury marked its own homework. We have moved on. We now have the independent OBR, which makes decisions about forecasts, and that is the right approach. We are listening to this accounting advice and will take it on board. It will not affect decisions about how we conduct the Augar review or about student finance.
Mr David Lammy (Tottenham) (Lab)
I am grateful to the Chief Secretary for indicating that this will have no impact on students, but she has conceded that it will have a fiscal impact. Our young people at the moment are worried about the cost of living, the broader economy and the prospect of getting jobs. They would like to see maintenance grants. Can she put in the Library, when she is aware of it, what the fiscal impact will be on young people and their parents?
Elizabeth Truss
The fiscal impact of the accounting decision—that is what this is; it does not alter the amount of cash going out the door—will come to light at future Budgets, and all these decisions will be taken in the round. As I have said, the Augar review is being conducted independently of that. It is about what is right for students. Of course we look at issues such as cost of living. Other aspects affect cost of living, including housing, and we are building more new homes to make housing more affordable across the board.