Sale of Student Loans: Regulation
Debate between Philip Hollobone and Jim Cunningham(8 years, 9 months ago)
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Mr Philip Hollobone (in the Chair)
Would those not staying for the half-hour debate on the regulation of the sale of student loans please be kind enough to leave quickly and quietly? This debate can last until 5.3 pm.
Mr Jim Cunningham (Coventry South) (Lab)
I beg to move,
That this House has considered regulation of the sale of student loans.
It is a pleasure to serve under your chairmanship, Mr Hollobone. I think this is the first time I have been involved in a debate when you have been in the Chair. On your past record, I know that you will be fair and lenient.
I have two universities in my constituency, Coventry University and the University of Warwick. I have come across Members who have attended the University of Warwick, and some who have attended Coventry University. Many students at those universities have expressed concern to me regarding the sale of student loans. It is possible that to a certain extent, the Government are heaping more debt on students that they can ill afford, against a background of further education budgets receiving a 27% cut. The education allowance and the bursaries for midwifery have been abolished. Those things raise questions about the Government’s real intentions regarding skills, whether in the national health service or manufacturing.
On 6 February, the Government announced plans to sell off student loans taken out between 2002 and 2006. Conservative Governments have previously tried to introduce that policy, but they have never been successful. Indeed, the former Business Secretary, Vince Cable, scrapped the move in 2014, saying that it would not help the aim of reducing Government debt. Why are the present Government continuing to pursue the policy? With the sale of Royal Mail, we have seen how difficult it can be to achieve value for taxpayers. It could be argued that the taxpayer lost out in past privatisations. It can be controversial if the price paid seems too low, with short-term profit put ahead of the public interest. If the student loans are expected to be profitable, why are the Government not keeping them and helping the taxpayer?
The market has little experience of buying such debt, and it will be priced conservatively. It is therefore questionable whether value for money can be achieved. It has been widely acknowledged that the Government will make a loss on the sale. The price the loans are sold for is expected to be lower than the face value. It has been described by the Financial Times economic correspondent, Martin Wolf, as “economic illiteracy”. As I said, I have two universities in my constituency, so I am very concerned about the proposal, as are the students.
Foreign National Offenders (Exclusion from the UK) Bill
Debate between Philip Hollobone and Jim Cunningham(9 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hollobone
I agree with my hon. Friend and I thank him for that intervention. He is far more expert than I am in legal matters, given his extensive parliamentary experience, legal training, and great deal of common sense, but I am not sure whether he is correct. My understanding is that, in our bizarre human rights system, even member states of the European Union are not deemed to be safe countries to return to. I believe that Greece is classified as a country to which it is not safe to return individuals, either under the asylum regulations or the prison regulations. That is a country to which millions of our fellow citizens go on holiday every year—
Mr Hollobone
I am happy to give way in a moment. Our citizens go there on holiday every year and yet we are not allowed, legally, to send back to that country people whom we do not want here.
Mr Hollobone
I will give way to the hon. Gentleman after I give way to my hon. Friend the Member for Bury North, to whom I promised to give way some time ago.
Mr Hollobone
I will give way to my hon. Friend, but in all fairness I did promise that I would give way to the hon. Member for Coventry South (Mr Cunningham) first.
Mr Cunningham
The hon. Gentleman is making a very interesting speech. What is the reason for the Government not deporting these people to their countries of origin, particularly to Europe?