Student Loans

Peter Fortune Excerpts

Wednesday 18th March 2026 Commons Chamber

[Peter Fortune (Bromley and Biggin Hill) (Con)]

A particularly pressing issue of concern is youth unemployment, which has skyrocketed to record levels on Labour’s watch, with the unemployment rate for 16 to 24-year-olds at nearly 16%. Failing the youth of this country is tantamount to abandoning our future. It is because of the political choices made by this Government that young people are struggling to secure employment. We have the lowest graduate recruitment levels on record and 700,000 graduates on benefits. To make matters worse, far too many of those who can find employment are then stuck in an endless cycle of student debt, while taxpayers have to pick up the tab for those who will never be able to fully repay the balance and write off their loans.

I have been contacted by many graduates in Bromley and Biggin Hill who are deeply concerned about the freeze on student loan repayment thresholds. They see it as an unfair decision that heaps additional financial pressure on graduates, who are already struggling with the rising cost of living. In a sense, it changes the rules for graduates after the fact. For many, what was meant to be an investment in education and the future workforce now creates a sense of permanent debt, rather than a manageable contribution based on the ability to pay. This cannot go on, or we will risk undermining trust in the student finance system altogether.

The Conservatives have a plan: a clear new deal for young people—a step-by-step plan to fix what the Government are making worse. It is a plan that I fully support and that would be of huge benefit to young people in Bromley and Biggin Hill. Under our plan to abolish real interest rates on plan 2 student loans, we will ensure that student loan balances never rise faster than RPI inflation. For example, a doctor at Princess Royal university hospital in Bromley in 2029 with £80,000 of student debt would save £58,000 in lifetime repayments and clear their loan sooner. A graduate in Bromley with £40,000 of student debt and on a salary of £50,000 would save £26,000 in lifetime repayments and would clear their loan five years faster than under the current system. It is only the Conservatives who will end the unfair interest rises, fund 100,000 more apprenticeships and encourage young people into work with a £5,000 first job bonus. We have a plan to restore aspiration for young people; the Government are failing them.