Dr Peter Prinsley

It is a pleasure to serve under your chairship, Ms Lewell. I thank my hon. Friend the Member for Ilford South (Jas Athwal) for introducing the debate. This is an issue of intergenerational inequality, of which we should all be ashamed. My university cohort and I graduated without debt. We entered a housing market that was accessible and over time we accumulated assets, property, pensions, savings and security. I served 40 years in the NHS, until that was interrupted by an astonishing election result. Now, the landscape has changed. I see the difference in my own family. My two older children studied under plan 1; their repayment terms were short and less onerous. My youngest fell under plan 2 and she has a huge debt, which is growing despite the fact that she is paying it off. This debate is about aspiration, which, as my hon. Friend said, simply cannot compete with compound interest. It is about whether young people begin adult life with opportunity, or decades of liability. Let us sort this out. Let us increase the repayment thresholds, ensure that interest does not outpace realistic repayment capacity, explore tax-deductible repayments similar to pensions, and improve transparency so that students fully understand what they are signing up for. Education should expand opportunity, not entrench intergenerational unfairness. That is a reality we must confront, and a duty we must uphold, as we deal with this utterly iniquitous system.