What an absolute load of *******s. I agree the educational goals set down in 1997 (ie. 50% of school leavers in higher education) were unrealistic in light of the recession but the logic behind such a drive for education is entirely justifiable. Not only for reasons of social enlightenment, but also because at the time the knowledge economy was the driving force of the UK economy. The tertiary and quaternary sectors still provide a great deal of growth in the skilled jobs market, and maintain a high demand for graduates.
As an organisational analyst i would advocate the introduction of a graduate tax. From a behavioural economics perspective that would be the best way to both encourage social mobility whilst putting pressure on universities to compete for those students who still wish to attend university. Realistically if we close universities there will be a significant impact upon social mobility, and if you do that 'you're gonna have a bad time'.
Oh, and before people start whining that I obviously went to a subjectively 'lower tier' university. I've attended 3 of the world's best universities, including 2 in the top 10 globally, so guess again. I'm just not a complete ******** who believes that we should close the opportunity of higher education to those who have lower levels of educational attainment (which in itself is typically a byproduct of lower social capital that can only really be improved by promoting education and getting people the jobs they deserve!).
A simplified response, but meh.