Personally I think a more valuable step would be the creation of national degree standards to stop the term being devalued. As it is, the vast majority of people come out with one of three or four grades at the end of their degree, which are named the same no matter what subject or institution they've studied for/at. This creates the impression of equal value between all 2:1s, for example, when in reality different levels of skill, effort and aptitude may be required in different places. This then limits the usefulness of a classification as opposed to a pass/fail system (like in Medicine) - the point of this is surely to provide employers with some suggestion as to the competency of a job applicant.
Obviously it'd cost a lot of money, but I think it would be worth it in the long run to establish some kind of central exam board/evaluation body for university courses. It might not be feasible to have the same exams taught everywhere (as unis often pride themselves on the specific content of their course) but I imagine it would certainly be possible to have some form of evaluatory system to better reflect the value of a particular degree. For example, if the number of possible classifications were to be extended to eight, you could say that (what would previously have been) a First in Law from Oxford would be equivalent to a '1' classification, but the best you can achieve from a law course at Bolton would be a '3' (or something like that).
Obviously at first this would be controversial, and doubtless institutions would complain about the grading of their courses, but I think in the long run it would both a) make degree results more useful to employers, and b) encourage universities to improve their standard of teaching so that their exam standards can be raised.