A university degree is now the minimum entry requirement to a lot of jobs and careers. This fact together with the state of the economy and job market means I don't foresee a dramatic decrease in university applications in the near future. I think most universities will introduce fees at or near the £9000 mark - ex-poly's included.
Then Stelios Haji-Ioannou will open the first easyUniversity in 2013, The University of Slough, offering degrees from £90* (with individual lectures costing from £15 each). A few people complain that the BA in French actually teaches Spanish but are quickly silenced when it is explained that it comes in handy when flying easyJet to Lille International.