Justin Madders

It is a pleasure to see you in the Chair, Ms Lewell. I declare an interest: I have three sons who have huge debts from their time in education. I would be surprised if more than one of them pays off their debt in full, but that would be in line with the roughly one third of all students who fully repay their loans. Does that not tell us on its own that the system is not working? Would any bank be in business if only one third of its customers repaid their loans? We have a system of loans that most people will not be able to repay. Should that not tell us something about the balance not being right? I want to make a broader point about how we can also improve the system for the benefit of the whole country. We should consider whether those who serve our public services should have their loans repaid by the state while they continue in the service of it. After all, if the justification for repayment of loans is that the individual has benefited financially from their university education, should there not also be an argument that if the state is benefiting from that individual’s education by the service they provide, the state should also bear some responsibility for the repayment? I appreciate that that would be a significant rewiring of the system, but I have no doubt that it would help with recruitment and retention, particularly in the NHS. It may even stem the tide of doctors and nurses leaving these shores to work elsewhere, and it would be a way for us to say, “As a thank you for your public service, we will help repay the loans.” Of course, as we have heard, the immediate challenge is to end the retrospective moving of the goalposts and the punitive interest rates for people who, do not forget, are trying to save for a home, start a family or even save for retirement. Under this system, that is impossible.