Student Loan Book: Sale Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Martyn Day
Main Page: Martyn Day (Scottish National Party - Linlithgow and East Falkirk)Department Debates - View all Martyn Day's debates with the Department for Business, Energy and Industrial Strategy
Student Loan Book: Sale
Martyn Day Excerpts(6 years, 2 months ago)
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Mr Gyimah
My hon. Friend will be aware that money raised from student loan sales goes to the Treasury, which makes a decision about in which public services to invest that money. This ultimately means that the taxpayer gets some of the reward now, rather than having to wait for 25 years. We are working with professionals on the range of estimates and I am happy to share it with my hon. Friend when we have the answer.
Martyn Day (Linlithgow and East Falkirk) (SNP)
This policy highlights the limitations of how this Government assess value for money and measure the cost of student loans over time. It prompts the question which Department has it right: the Department for Education or HM Treasury. This is clearly another example of the UK Government selling off assets for short-term capital gain. Will the Minister confirm how much of the student loan book he intends to sell off? What assurances can the UK Government give that the selling off of the remaining tranches of the student loan book will achieve long-term benefit for the taxpayers? And why are the UK Government devaluing assets and selling them off for less than they are actually worth?
Mr Gyimah
The sale remains subject to market conditions and a value-for-money assessment, but I will not be taking lessons from the Scottish National party on student finance. The SNP has created a system that actively works against the disadvantaged in Scotland. We have a system that is funding our universities well and helping the disadvantaged.