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25th Sep 2018
Labour plans to scrap university tuition fees if the party wins the upcoming election.
Labour believes education should be free and will look to restore this principle by reintroducing maintenance grants for university students and abolishing university tuition fees.
The proposals were originally revealed by shadow Chancellor, John McDonnell, at a speech he held in Mansfield, during which he said Labour would scrap tuition fees "once and for all".
It's estimated the cost of scrapping tuition fees will be in the region of £8bn, with an additional £2bn needed to reintroduce maintenance grants.
Critics of higher tuition fees have argued increases to the amount students pay in fees will actually cost the public purse more than before they were tripled, as a result of students failing to earn sufficient salaries to pay back the loans.
For the last few years the value loans borrowed by students has topped £10bn, with write off costs reportedly reaching 45%, essentially nullifying any savings made to the public purse.
Labour has said it would fund education policies via its announced increase to corporation tax, from which it hopes to raise £19.4bn.
However, they've been criticised by the opposition for appearing to indicate several policies which would be funded from raising corporation tax.
Despite this, the party hopes the pledge to scrap tuition fees will provide an attractive proposition to younger voters.
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