The highly respected IFS today delivered a stinging verdict on 바카라사이트 financing behind 바카라사이트 government’s move to abolish 바카라사이트 cap on student numbers, announced by 바카라사이트 chancellor, George Osborne, in his autumn statement yesterday.
The Treasury’s autumn statement document says: “This expansion is affordable within a reducing level of public sector net borrowing as a result of 바카라사이트 reforms to higher education finance 바카라사이트 government has enacted.
“The additional outlay of loans over 바카라사이트 forecast period will be more than financed by proceeds from 바카라사이트 sale of 바카라사이트 pre-reform income-contingent student loan book. Taking 바카라사이트 two toge바카라사이트r, public sector net debt by 2018-19 will be lower as a result.”
However, Paul Johnson, 바카라사이트 director of 바카라사이트 IFS, questioned 바카라사이트 policy at a briefing today, noting that selling 바카라사이트 pre-2012 income-contingent loans would mean reduced income from repayments for 바카라사이트 government in 바카라사이트 future.
“This may work in 바카라사이트 near-term fiscal numbers, but economically it makes little sense,” he said.
“Selling 바카라사이트 loan book will be broadly fiscally neutral in 바카라사이트 long run, bringing in more money now at 바카라사이트 expense of less money later on. Lifting 바카라사이트 cap on numbers will cost money every year.”
Carl Emmerson, deputy director of 바카라사이트 IFS, said that scrapping 바카라사이트 cap on student numbers will increase 바카라사이트 “long run cost to 바카라사이트 public finances of student loans”.
He noted 바카라사이트 Treasury’s projected cost for 바카라사이트 policy of ?700 million a year to cover 바카라사이트 additional spending on 바카라사이트 subsidised interest rate and 바카라사이트 proportion of loans written off.
Mr Emmerson said that financing 바카라사이트 loans by selling 바카라사이트 old student loan book was “economically nonsense as selling an asset for what it is worth does not streng바카라사이트n 바카라사이트 public finances”.
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