Labour Aim to Wipe £100bn Student Debt – it is an ambition

Labour Aim to Wipe £100bn student debt
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Labour’s “ambition” is to write off all student debt, which would cost £100bn.  Shadow education secretary Angela Rayner made this announcement on the Andrew Marr show

The Labour MP said it was a huge amount and the party would not commit to doing it unless they could afford to.

The Conservatives said it was a shambolic proposal. They believe Labour had no idea how to fund and it would lead to higher taxes.

Labour has pledged to scrap university tuition fees if it wins power.

But leader Jeremy Corbyn went further in an interview with he NME during the election campaign, suggesting existing debts could be wiped out.

BBC’s Andrew Marr questioned how much it would cost.  Ms Rayner said: “It is a huge amount, it is £100bn, which they estimate at the moment, which will increase.  It’s a huge amount of money but we also know a third of that is never repaid.”

Last month, the Student Loan Company said that outstanding debt on student loans had increased by 16.6% to £100.5bn at the end of March.

Lord Adonis, who came up with the student fees policy as Tony Blair’s policy director, has called for them to be scrapped or be vastly reduced.

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