Ian Sollom

I thank the right hon. Gentleman for his intervention, because that is one part of the argument I am making. There is a very important point about that, which is that it could equally be an argument for making the loan system fairer in its repayment terms to reflect that. There is a deeper problem, too. The graduate earnings premium has declined in Britain, but not because we have too many graduates; it is because we have too few skilled jobs. That is a demand-side failure and a Conservative legacy. Our peers in OECD countries have expanded graduate numbers while maintaining the graduate premium, because they built the industries and invested in the regions that generate high-skilled employment. Cutting student numbers accepts our economic underperformance as permanent. It is, as I have said before, a counsel of despair dressed up as policy. Then there are the creative industries: over £100 billion a year to the British economy; one of our most successful global exports; built on a pipeline of arts graduates. The answer is not to stop training the people on whom the whole pipeline depends. Ultimately, the value of an education cannot be read entirely from a graduate’s salary. The capacity for critical thinking, empathy and cultural participation are public goods, hidden in plain sight, that show up nowhere in write-off rates. A party that asks only “What does it pay?” has already decided something important about what it values.