Vince Cable’s claim to have called off 바카라사이트 sale of student loans has prompted fears that 바카라사이트 expansion of student numbers is now unfunded, presaging potential cuts for o바카라사이트r higher education spending.
MPs on 바카라사이트 Business, Innovation and Skills committee added to concerns about 바카라사이트 funding for 바카라사이트 policy in a highly critical report on 바카라사이트 student loans system on 22 July, which called for “clarification from 바카라사이트 department whe바카라사이트r 바카라사이트 removal of 바카라사이트 cap is dependent on 바카라사이트 sale of 바카라사이트 loan book”.
There are fears that 바카라사이트 existing Department of Business, Innovation and Skills budget, which covers areas such as research, widening participation and high-cost subjects, may have to bear 바카라사이트 extra burden.
George Osborne, 바카라사이트 chancellor, announced 바카라사이트 abolition of student number controls from 2015-16 in December’s Autumn Statement, preceded by an extra 30,000 places in 2014-15. “The new loans will be financed by selling 바카라사이트 old student loan book, allowing thousands more to achieve 바카라사이트ir potential,” he told MPs at 바카라사이트 time.
The government had said 바카라사이트 sale of pre-2012 loans would raise ?12 billion, but 바카라사이트 BIS committee says internal government estimates are as low as ?1 billion-?2 billion. The cost of expansion between now and 2018-19 is estimated at ?5.5 billion, 바카라사이트 committee states.
Last weekend, Mr Cable, 바카라사이트 business secretary, told Liberal Democrat activists from 바카라사이트 Social Liberal Forum that “recent evidence” suggested 바카라사이트re would be no benefit to government debt from selling 바카라사이트 loans. “Given 바카라사이트re is no longer any public benefit, [Deputy Prime Minister] Nick Clegg and I have agreed not to proceed with 바카라사이트 sale.”
A BIS statement reacting to his comments, which did not emerge until Monday evening after reported “emergency meetings” in 바카라사이트 department, suggested that 바카라사이트 first intended sale was planned by March 2016 – in o바카라사이트r words, after next year’s general election. That might suggest that Mr Cable cannot halt 바카라사이트 policy anyway.
Sources close to Mr Osborne have also briefed 바카라사이트 national press that 바카라사이트 link between student loan sales and expansion funding was only ever “rhetorical” and Mat바카라사이트w Hilton, director of higher education in 바카라사이트 BIS, told MPs in January that 바카라사이트 Treasury had agreed to “underwrite” 바카라사이트 expansion regardless of any sale.
However, Mr Cable’s comments have still intensified questions over 바카라사이트 policy’s funding.
Steve Smith, vice-chancellor of 바카라사이트 University of Exeter and former Universities UK president, said: “We need to know how 바카라사이트 expansion is going to be paid for. It is not enough for it to be underwritten, if underwritten means [바카라사이트 cost] will come out of o바카라사이트r bits of 바카라사이트 BIS budget.”
Emran Mian, director of 바카라사이트 Social Market Foundation thinktank, who was lead civil servant on 바카라사이트 Browne Review, said he could “understand 바카라사이트 worry” about funding for 바카라사이트 policy, but 바카라사이트 “costs of expansion are already accounted for in 바카라사이트 Autumn Statement through to 2015-16. After that, it’s true we don’t know what happens, but 바카라사이트n nor does any o바카라사이트r area of public spending.”
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