Jack Rankin

It is a pleasure to serve under your chairmanship, Ms Lewell. I thank the hon. Member for Ilford South (Jas Athwal) for securing this important debate and highlighting one of the major challenges facing many young people in this country today: student loan repayments. Despite my youthful looks, I can clarify that I am on the last year of plan 1 loans, so this issue does not directly affect me. I have many contemporaries in that situation, though, and I think I understand it well. When growing numbers of graduates are leaving university with mountains of debt and graduate recruitment is at a record low, there is an urgent need to address a system that is failing graduates. The hon. Member for Ilford South asked for broad agreement on that point. Although I did not agree with everything in his remarks, I think he has broad support across the House that the system as currently designed is not working. This issue affects a huge proportion of young people, given that over 50% of them now go to university. Combine that with a 30-year lifespan, and it becomes a generational problem. Perhaps by coincidence, rather than design, this debate coincides with the announcement made by His Majesty’s most loyal Opposition of a new deal for young people. I acknowledge that it is partly responsive, but it has helped to bring the issue to the top of the news agenda. This debate could not be timelier. For young people, particularly those on plan 2 loans, there is not a moment to lose.