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Sale of Student Loans Bill

This is my first contribution from the Front Bench, and it is a great privilege to follow the many thoughtful speeches and interventions in the debate today. We have had a short but interesting debate, which has at times made me think that the major parties are conducting a love-in rather than a debate. It certainly lacked some of the usual rough and tumble of exchanges in this House, but why should the Opposition oppose the Government when they implement ideas that we originally proposed? Much has been made recently of the Xerox Chancellor and the magpie Budget, but the sale of student loans goes back much further and could be described as Labour’s original sin. As my hon. Friend the Member for South Holland and The Deepings (Mr. Hayes) said, my party first proposed the sale of student loans back in 1996, and it was implemented in 1998 and 1999 by the right hon. Member for Sheffield, Brightside (Mr. Blunkett) in an attempt to stay within Government spending limits. If those on both sides of the House could continue to work effectively in pursuit of sensible policies, especially Conservative ones, it would be good for the image of Parliament and for the country. I therefore applaud the Government for once again recognising a bright idea that has emanated from the Conservatives. I hope that that sets a precedent for a future in which our policies regularly slip unchallenged past the House. Even the hon. Member for Brent, East (Sarah Teather), in a thoughtful contribution, made it clear that her party would not oppose the Bill. The Bill is a sensible and rational piece of legislation, although I agree with my hon. Friend the Member for Daventry (Mr. Boswell), who pointed out that this is a Treasury Bill, not a higher education Bill. The sale of the student loan book is consistent with our belief in further public-private collaboration, and it will enable the Government to capitalise on a growing public asset without affecting borrowers or taxpayers. It could even have the added and totally irrelevant but enjoyable side benefit of irritating the left wing of the Labour party. Speaking of the Labour left, I notice that an early-day motion from the usual suspects has already called for the uncosted abolition of interest on student loan repayments. It would be useful if the Minister could let us have an estimate of the cost of that policy. Perhaps he could tell us how many nurses or teachers would have to be sacked if the Government implemented the policies of their Back Benchers.