Student Loans

Ben Spencer Excerpts

Wednesday 18th March 2026 Commons Chamber

[Dr Ben Spencer (Runnymede and Weybridge) (Con)]

I am going to talk about hope and fairness, to which many Members across the House have referred in their speeches. It is important that everyone has hope for the future, but particularly the next generation.

There are many challenges facing younger people at the moment, from youth unemployment, with the graduate jobs market unfortunately in decline, to the uncertain world we live in. The people who will inherit this world from us are concerned about conflict in the middle east, the position of our defence, and the direction in which our country and society are going. It is younger people who have borne the brunt of the decisions made during covid, and it is younger people who will have to deal with and find solutions for the changing demographics in our society, particularly the ageing population. It is important now more than ever that the next generation—the younger generation—has hope for the future, and we Conservatives have a plan to bring that back. The key to that plan is fairness.

Our motion today goes to the heart of fairness. It is fair to say that the repayment system for the people paying back plan 2 loans, with the thresholds and the interest at 3% above RPI, has essentially turned into some form of Ponzi scheme. The Conservatives have a plan to start resolving that. As has been said, it would not be possible to get these loans on a commercial basis; they are fundamentally unfair, and we have a plan to go about fixing it.

When we talk about education more generally, we talk about the fact that all different types of education have intrinsic value. There is no hierarchy between people who go to university or further education, people who do apprenticeships and people who go straight into work. It is about providing the right education for the individual person. Whether someone has gone to university or done an apprenticeship—whatever route they have gone down—it does not make them a better or worse person. The key is that it is the right plan for them. It is only fair that we reverse some of the historic biases against apprenticeships in particular, and that is why I am so pleased that apprenticeships and vocational training are central to the motion that we will be voting on later.

Fairness means fairness both to the taxpayer and to the people taking the courses. I intervened on both the Minister and the Liberal Democrat spokesperson, the hon. Member for St Neots and Mid Cambridgeshire (Ian Sollom), to ask whether they would at least concede that there are some courses—particular courses at institutions across the country—that are really not worth it because they are not value for money and will not help the student.

[Ian Sollom]

I thank the hon. Gentleman for giving way; I did not cover myself in glory when I responded to his point earlier, and I would like to take another bite of the cherry. The point I was trying to make was that simply basing it on salary value is not the only way to assess value. The right way to do it is through the regulator, the OfS, and to take that as just one element of many. The OfS should drive that. Would the hon. Gentleman make salary value the primary driver for all courses? [Interruption.]

[Dr Spencer]

I think that my right hon. Friend the Member for East Hampshire (Damian Hinds), sitting behind me, will give a more extensive answer to that question in a moment. There are lots of ways to measure degrees. An example that I often give is the degree in David Beckham studies, which I think existed. I am a big fan of David Beckham, by the way, but I am not sure how many degrees in David Beckham studies we need, or how it would benefit the economy or the individual. Critically, I am not sure that taxpayers should be subsidising that. All our constituents are contributing to this system, and it is only fair that we ensure that there is value for money for taxpayers, as well as for the people taking the courses, and that there is a broader contribution.

It is absolutely right that, as part of this motion, we look at fairness in the system, particularly to make sure that degrees, which are regulated, give the value that they are purported to give, and that we do not have fake degrees or degrees with a disproportionate difference between the offering—what people think they are going to get—and the outcomes. When people are starting on a degree course, it is important for them to know where they can expect to be in five or 10 years’ time and what their status in society will be, so that they can make informed choices given the substantial cost, in terms of both time and money, of their investment.

On that basis, I wholeheartedly support the motion and look forward to voting for it later tonight. I hope Labour Members do so as well, because this motion brings back a bit more hope and a bit more fairness to the system.