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How will Corbyn's Labour government be able to afford to get rid of student debt?

Ash8991

Would just increasing the amount of tax rich people have to pay be enough?

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ye man

I think that taxes for everyone will rise under a Labour government in order to pay for their huge spending plans including on eliminating student debt.

Reply 3

BigYoSpeck

How much of the existing debt will ever actually be paid off? To wipe off the debt wouldn't be as costly in real terms as it seems.

They managed to find £123.93bn in the midst of a global economic crisis to rescue banks.

Labour has not yet made guarantees on how it will be done but offered assurance they want to do it and will find a way. They may have a costed manifesto but there are still too many economic variables to be able to give a pound by pound account of all plans.

Reply 4

Drewski

They won't.

As is typical for a Labour government (if they get there), they promise lots and spend workout thinking. It's popular, but stupid.

Reply 5

sachinisgod

Original post by Drewski

They won't.

As is typical for a Labour government (if they get there), they promise lots and spend workout thinking. It's popular, but stupid.

Labour are masters in whipping up leftist sentiments in young people and students by promising them dreams at the expense of the people who actually create the wealth which enables people like me and other young people a way to get employment and start our careers.

Id rather have student debt than be in competition with double the amount of graduates for jobs because unnecessary people have decided to go to university for the sake of it due to free tuition fees. Young people have lost the sense of logic

Reply 6

BigYoSpeck

Original post by sachinisgod

Id rather have student debt than be in competition with double the amount of graduates for jobs because unnecessary people have decided to go to university for the sake of it due to free tuition fees. Young people have lost the sense of logic

If all those hoards of other students come out of university with the same degree classification as you then by what standard do you judge them unecessary people?

Surely you will come out with a higher classification than them if you're the right sort of student and they aren't?

Surely your college grades will be higher than theirs and thus you will have been accepted by a more prestigious university than them?

Surely you as a better, more conscientious student will have gained better summer internships and relevant experience than all those you deemed unnecessary people?

If you are truly more worthy of it than them that will be reflected in your degree classification and by the ranking of the university you were accepted by. If you are more worthy you won't be in competition with those masses. But surely they deserve an opportunity to gain skills that will give them more opportunity in life?

Reply 7

DJKL

Original post by BigYoSpeck

Agreed, after all competition is good.

Quite a few who, due to family financial pressures etc, might not have gone may turn out to be excellent students, it is a fallacy to believe that those that do go to university are somehow intellectually stronger than those that do not, there are plenty of diamonds in the rough and loads of really smart individuals who do not have a rolled up bit of paper in a tube.

Reply 8

Hugh_Jass

Original post by Drewski

They won't.

As is typical for a Labour government (if they get there), they promise lots and spend workout thinking. It's popular, but stupid.

This.

It'll cost Labour £11 billion (I heard on QT) to enable free Uni education. That's a quarter of their budget(?)

Money Tree?

Anybody who votes labour at this point has a mental illness.

Reply 11

BigYoSpeck

Original post by PoorBastward

Anybody who votes labour at this point has a mental illness.

Probably a good idea to vote labour then given the Tory cuts to mental health services.

Reply 12

999tigger

Original post by Ash8991

Would just increasing the amount of tax rich people have to pay be enough?

UK spending budget is £784 billion.

Canceling student loans is c £10 billion, so plenty of scope.

Cut services.
Borrow more.
Tax more.

Those are his choices. It depends how much extra he is going to tax.

Reply 13

AlexanderHam

Original post by Ash8991

Corbyn's Labour government

There's no such thing and there never will be

They won't

The magic money tree will solve the problem

Reply 16

_Ddraig_

Because why spend on welfare or issues more important to working class people when you can just buy the student vote instead.

It's a silly policy and even the Welsh Government student loan system which in itself is fairly generous is calling for a change due to it's unsustainability (see Diamond Review).

Reply 17

Trinculo

The "rich" are a bottomless well of money to pay for everything for everyone else, including themselves.

Why just give free school meals to those that need them? Give them to everyone, and then pretend that the Tories are stealing food from the poor! Middle class families on joint incomes of £150k+ - there's nothing more important than giving their children free school meals.

The bottom line is - if anyone asks where the money is coming from just reply "nurses are using foodbanks".

Reply 18

DJKL

Original post by Hugh_Jass

This.

It'll cost Labour £11 billion (I heard on QT) to enable free Uni education. That's a quarter of their budget(?)

The current Uk government budget is circa £802 billion with tax receipts somewhere near £744 billion, see charts 1 and 2 at 1.7 re attached.

It is 25% (roughly) of the additional taxes to be raised

https://www.gov.uk/government/publications/spring-budget-2017-documents/spring-budget-2017

Reply 19

acd55