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Plans to lower salary level at which graduates start repaying loans

Discussion in 'off topic' started by paulfromcamden, Sep 27, 2021.

  1. paulfromcamden

    paulfromcamden Baffled

    Lead story on the FT this morning is the government's plan to lower the salary level at which graduates start repaying loans to £23k.

    A figure of £23,000 could save the Treasury just under £2bn a year, according to the Institute for Fiscal Studies, a think-tank, while a graduate earning the current threshold would have their take-home pay cut by more than £800 annually.

    The government believes too many students are racking up debts studying “soft” three-year university courses in arts and social sciences, and is looking to funnel more 18 year olds towards technical training that is cheaper and will pay a faster economic dividend.

    But cutting the salary threshold would mean millions of new and existing graduates would be hit with an effective 50 per cent levy on additional earnings in some of the lowest salary bands, increasing pressure on young people after national insurance contributions were increased this month.
  2. Snufkin

    Snufkin pfm Member

    And in another headline, Tories propose eating the young to solve current (Tory nurtured) economic disaster.
    Last edited: Sep 27, 2021
    gavreid and ff1d1l like this.
  3. farfromthesun

    farfromthesun pfm Member

    Good grief, so they'd have them working shitty manual jobs instead of living out their dreams.

    I just cannot put into words how much I detest the Tories.
    Jimin, gavreid, mega lord and 5 others like this.
  4. Dave***t

    Dave***t Revolutionary relativist

    I foresee lots of lathery comments on the news etc to which an appropriate response would be ‘ok boomer’.
  5. paulfromcamden

    paulfromcamden Baffled

    Want to study and work in the arts, history, etc? Better make sure you have a trust fund.

    It's a clamping down on social mobility - know your place.
  6. TheDecameron

    TheDecameron Unicorns fart glitter.

    Is this, along with the universal credit cut, rocketing cost of living and inflation, what they call levelling up?
  7. paulfromcamden

    paulfromcamden Baffled

    You forgot increasing NI.
  8. Bob McC

    Bob McC Living the life of Riley

    Don’t forget plan 1 students, ie pre 2012, threshold is £19864.
  9. Kirk

    Kirk pfm Member

    The young don't vote Tory.
  10. russel

    russel ./_dazed_and_confused

    I guess the Tories must have got hold of all the money squirrelled away offshore by their mates in tax avoidance/evasion schemes.

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