When university fees around the country were raised, there was outrage from the general public, as well as many student protests. Now, Labour has revealed plans to cut university fees from £9000 to £6000 a year, in an attempt to combat the increasing levels of student debt. In addition to this, Labour will also look at providing more support for student loans, and providing grants to cover living costs, as they believe that young people from middle income families do not have enough access to student loans.
There has been some criticism of these new plans, with Universities UK stating that it may have severe impacts on the higher education system. However, Labour believes that there is a way to cut fees without reducing the amount of income that universities are currently receiving. For universities, the issue is about funding and not about the fees, so they eagerly await to hear more specific details about how Labour plans to deal with this.
A reduction in the tax relief on pensions for those that are earning high amounts is one of the ways that funding for this new plan will be raised. Labour believes that by cutting fees, they will be appealing to both young people as well as the older generations, who are not happy with the idea of the younger generations having to deal with huge amounts of debt later on in their lives. Due to the fact that so many student loans currently have to be written off, taxpayers end up paying for these expenses, which is something else that Labour hopes to cut down.