Deebank wrote:The important part will be finding the money of course.
Literally the million dollar question.
I was thinking about the proposal in Labour's manifesto to scrap university tuition fees. According to HESA statistics in the 2015-16 academic year (the most recently available data) there were around 1.5 million UK students in higher education in England & Wales.
If we figure that each of those students pays annual tuition fees, on average, of £10,000 (because while undergards pay a little more than £9k per year at the moment, a lot of universities now charge a lot more than £9k per year for postgrad courses) this gives us a rough figure of £15 billion, which the government will have to find every year
And that's without factoring in the maintenance grants that Labour are promising. If they gave say, £3k per year to each student as a grant, that'd add another £4.5 billion to the bill, giving us a total of £19.5 billion.
The figures I've seen quoted from Labour seem to reckon they could fund fees AND grants for £10 billion. I'll be interested to see how they've costed that.
They also haven't mentioned if they'll fund free university education for EU and overseas students as well, which would vastly increase the costs.
Bear in mind also that scrapping tuition fees is likely to result in a sudden and sustained increase in the numbers of HE students in England & Wales, because if you can go to university for free, why wouldn't you?
So the bill could easily end up being significantly greater than even my back of a fag packet calculations.