Kevin Bonavia

It is a pleasure to see you in the Chair, Ms Lewell. I thank my hon. Friend the Member for Ilford South (Jas Athwal) for securing the debate. Young people who work hard, gain qualifications and enter the workforce deserve a system that supports their ability to build secure and fulfilling lives. One constituent recently told me about the impact of the system on his family’s future. He is a young, working professional raising a daughter with his wife, and they are doing everything they can to provide security and opportunity for her. This year alone he has paid £852 towards his loan, but during the same period more than £2,300 of interest was added—nearly three times what he managed to pay down. He began university nearly a decade ago and the balance at the start of his repayment was £54,683. Today, despite working and making regular loan repayments, that balance has grown to £76,040—an almost 40% rise over the last 10 years. For a young parent trying to build a stable foundation for their child, the situation feels like running up a down escalator: always working hard, but never getting closer to the top. Will the Minister think not just about incremental changes to the system, but fundamental, broad reform? That could include a graduate tax and, as the hon. Member for Macclesfield (Tim Roca) said, thinking about a balance between the taxpayer and the graduate repayments. I know the Minister will think about those carefully and I look forward to hearing his response.