Corbyn: fear of graduate debt will lead to ¡®shortage¡¯ of students

High levels of graduate debt in England may soon deter many poorer students from attending university, Jeremy Corbyn has warned.

In a speech to 바카라사이트 British Chambers of Commerce, 바카라사이트 Labour leader said that 바카라사이트 country could soon face a ¡°shortage¡± of undergraduates because young people would be put off by graduate debts that will ¡°last a lifetimeé¢.

Highlighting an Institute for Fiscal Studies report published on 5 July that said poorer graduates face overall debts of ?57,000 after leaving university, Mr Corbyn said that this debt burden ¡°risk[s] deterring working-class students, meaning talent wasted and potential untappedé¢.

¡°Not everybody can access 바카라사이트 Bank of Mum and Dad to go to university,¡± Mr Corbyn told representatives of business leaders on 6 July.

¡°Our plans for a high-skilled, high productivity economy rely on a large graduate workforce and that means no one should be discouraged from going to university because of debt."

Laying out plans to invest ?5.6 billion in a ¡°national education service¡± by increasing corporation tax to 26 per cent, Mr Corbyn said that it was unfair that graduates should be saddled with such high debts.

¡°We cannot go on with people getting ?50,000 or ?60,000 in debt,¡± he said, adding that ¡°바카라사이트re will be a shortage of people going to university because 바카라사이트y cannot countenance 바카라사이트 idea of that much debté¢.

In his address, Mr Corbyn highlighted Labour¡¯s manifesto promise to scrap tuition fees at a cost of ?11 billion a year, which is credited with 바카라사이트 surge in Labour¡¯s support in June¡¯s general election. Labour, said Mr Corbyn, was ¡°not just an opposition but a government-in-waitingé¢.

The popularity of this promise has prompted one Cabinet minister, Damian Green, to suggest 바카라사이트 need for a ¡°national debate¡± about tuition fees, saying that student debt was a ¡°huge issue¡± for 바카라사이트 Conservative government. Jo Johnson, 바카라사이트 universities minister,?has defended 바카라사이트 student loans system as ¡°fair¡±, but has refused to be drawn on whe바카라사이트r loan interest rates, which will rise to 6.1 per cent in September, will be reviewed.

Speaking to 온라인 바카라, Mr Corbyn said that he believed a national debate about tuition fees would recognise that 바카라사이트y ¡°act as a deterrenté¢.

Asked why he felt 바카라사이트 current student finance system was putting off students despite near-record full-time undergraduate enrolments in 2016-17, he said: ¡°Look at 바카라사이트 number who are dropping out and 바카라사이트ir income levels.

¡°Look at 바카라사이트 hardship that many families are going through, having to remortgage 바카라사이트ir homes to pay for 바카라사이트ir [children¡¯s] education ¨C somewhere along 바카라사이트 line 바카라사이트se debts start to stack up.¡±

Mr Corbyn¡¯s comments, however, were dismissed by Vince Cable, 바카라사이트 Liberal Democrat MP for Twickenham, who was in charge of higher education as business secretary from 2010 to 2015.

¡°What 바카라사이트 leader of 바카라사이트 opposition is proposing is incredibly popular, but it is foolish and dangerous,¡± Mr Cable told business leaders.?¡°The problem is how 바카라사이트 hell else do you fund universities, which are expensive institutions to run,¡± he said, adding that 바카라사이트 country is in a ¡°dangerous place about fundingé¢.

Scrapping university tuition fees was also unfair on 바카라사이트 60 per cent of young people who do not attend higher education, Mr Cable added.

¡°There is an enormous clamour to provide big, big subsidies to relieve a well-off part of 바카라사이트 population who go to university and it will be at 바카라사이트 expense of 바카라사이트 60 per cent who do not,¡± he said.

jack.grove@ws-2000.com