Students: Loans

Department for Education written question – answered on 7th January 2019.

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Photo of Wes Streeting Wes Streeting Labour, Ilford North

To ask the Secretary of State for Education, if he will ensure that the level of funding allocated to universities is not reduced as a result of the ONS decision on the treatment of student loans in Government accounts.

Photo of Chris Skidmore Chris Skidmore Vice-Chair, Conservative Party, Minister of State (Department for Business, Energy and Industrial Strategy) (Universities and Science) (Joint with the Department for Education)

The Office for National Statistics (ONS) announced a new treatment of student loans in the public sector finances and national accounts on 17 December 2018. The decision by the ONS relates to the recording of student loans in the national accounts and public sector finances. Prior to the announcement of the ONS review, the government had already launched the Review of Post-18 Education and Funding in which, amongst other features of the system, funding is being considered.

The review is considering how to ensure that the education system for those aged 18 years and over is accessible to all, is supported by a funding system that provides value for money and works for students and taxpayers. In addition, the review is considering how the education system incentivises choice and competition across the sector and encourages the development of the skills that we need as a country.

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