The cause of the major political story of last week – the row over tuition fees, students rioting and all – was, as we all know, “public spending cuts”. But how much money does the Government actually hope to save on tuition fees? If the immediate problem is our massive state deficit, it seems odd that the Government should risk such unpopularity, not for any immediate saving, but in the hope that it will get the money back over the next 30 years, as students can afford to repay it.
In the short term, the Government’s own projection as to how much it will save is that the funding of university tuition will be cut by £2.9 billion by 2014. As it happens, £2.9 billion is the sum ring-fenced, by the same public spending review, to be given to developing countries to help them fight global warming with windmills and solar panels. It is also slightly less than the £3 billion by which our public debt is rising every week. These much-vaunted “cuts” are not all we are led to believe.
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