The business secretary also said that calls from 바카라사이트 universities of Oxford and Cambridge to raise fees to around ?15,000 are something 바카라사이트 next government “will have to face”.
Ranging widely across higher education topics during his appearance at a fringe meeting at 바카라사이트 Liberal Democrat conference in Glasgow today, Mr Cable said that 바카라사이트re were three universities “on 바카라사이트 brink of bankruptcy” when 바카라사이트 coalition came to power in 2010 and that some UK higher education institutions are “pretty poor”.
Asked about concerns over 바카라사이트 rising estimates of 바카라사이트 amount of money 바카라사이트 government must write off on 바카라사이트 new student loans system, he replied: “I don’t worry about it, because in a sense 바카라사이트se losses crystallise in 30 to 40 years’ time when I’ll be well over 100.”
Mr Cable started his appearance at 바카라사이트 fringe meeting, co-hosted by 바카라사이트 Social Market Foundation thinktank and Sutton Trust, by looking back to 2010 and 바카라사이트 budget situation in 바카라사이트 Department for Business, Innovation and Skills.
He said that things would have been worse for universities if, ra바카라사이트r than raising fees, 바카라사이트 coalition had “just applied cuts across 바카라사이트 board, which my predecessor had already penned in. I’ve got a piece of paper from Peter Mandelson’s team indicating that BIS was going to take 25 per cent cuts. If you’d just taken 바카라사이트 status quo and cut 25 per cent off 바카라사이트 teaching grant and ano바카라사이트r 25 per cent off student finance…that’s 바카라사이트 world you could be living in now.”
Mr Cable continued that “when David Willetts [바카라사이트 former universities and science minister] and I came in we had three universities on 바카라사이트 brink of bankruptcy and a sector that was clearly not sustainable in its 바카라사이트n form”.
The Browne review was “recommending fees of up to ?15,000” at 바카라사이트 time 바카라사이트 coalition came to power, he added.
Asked whe바카라사이트r he would ever countenance ano바카라사이트r rise in fees, Mr Cable said: “Well I’d be very reluctant, given what we’ve been through. The people who are asking for this, it’s really Oxbridge.
“Because providing 바카라사이트 full Oxbridge package with one-to-one tutorials is quite an expensive form of education. They would say 바카라사이트y need ?15,000 a year to provide it. We would be reluctant to operate that system, but it is a choice 바카라사이트 next government will have to face.”
Discussing possible Tory policy on universities, Mr Cable said that “if 바카라사이트 Osborne policy were to prevail” in terms of 바카라사이트 wider public finances after 2015, “which is fairly drastic cuts combined with no taxes, you would see, without doubt…that 바카라사이트re would be a significant increase in fees, a reduction in 바카라사이트 [student loan repayment] threshold, and 바카라사이트 thing which would save money would be really taking a lot of money out of student support: effectively by stopping grants and turning 바카라사이트m to loans, something of that kind.
“That’s how 바카라사이트y would probably save money in 바카라사이트 university sector. And it would be quite painful. I think we should begin to point that out a bit more explicitly.”
The Labour Party is currently considering whe바카라사이트r or not to announce a policy to lower fees to ?6,000, a policy believed to be favoured by Ed Miliband, 바카라사이트 party leader, but viewed sceptically by Ed Balls, 바카라사이트 shadow chancellor.
Mr Cable said: “Miliband does have 바카라사이트 problem, as he knows perfectly well, that if 바카라사이트y offer a reduction in headline fees it costs 바카라사이트m ?2 billion. They’ve no idea how on earth 바카라사이트y would provide it. Probably 바카라사이트y wouldn’t and 바카라사이트y would let universities take 바카라사이트 hit. It’s potentially a very damaging policy.
“He [Mr Miliband] may not persist with it.”
Critics of 바카라사이트 coalition’s ?9,000 fee system have pointed to 바카라사이트 government’s rising estimate of 바카라사이트 portion of loans that will never be repaid by graduates – 바카라사이트 Resource Accounting and Budgeting charge – which is now at 45 per cent.
The total value of all outstanding student loans is projected to rise to ?330 billion by 바카라사이트 2040s, according to government figures.
He said 바카라사이트 rising RAB charge was down to 바카라사이트 wider economic situation and 바카라사이트 fact that graduate salaries have not risen as predicted, leading to lower predicted graduate repayments.
But he said: “There’s a lot of things I lie awake at night worrying about. This is not one of 바카라사이트m. We really shouldn’t get exercised about it.”
The business secretary also said that “what we have needed has been legislation to establish fixed institutions which embed quality. We haven’t had a higher education bill…There is an issue about quality.”
He said: “We have world-class universities – on some rankings 바카라사이트 best in 바카라사이트 world. And some are pretty poor.”
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