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Sale of Student Loans Bill

I accept that last point, and given that the hon. Gentleman previously did my current ministerial job, I know that he is very knowledgeable on such matters. I certainly agree that it is critical that we have as much information as possible about how the new system is working before the independent commission in 2009. That is why the shadow Secretary of State for Innovation, Universities and Skills is neither right nor justified in calling for that commission to be introduced before we have the full, substantive body of evidence before us. The hon. Member for South Holland and The Deepings chided me, saying that we were picking up Tory policies. We legislated on the sale of mortgage-style student loans in 1998—well before the commitment that the Opposition gave in their last general election manifesto. We believe that this is the right thing to do. It sensibly transfers risk from the public sector to the private sector and ensures that students and graduates are not affected in any way, shape or form. The hon. Member for Harrogate and Knaresborough (Mr. Willis), who chairs the Innovation, Universities and Skills Committee, made an interesting contribution. He argued that the proceeds from the sale of student debt should be hypothecated to my Department. I will come back to that point later, but I have to say that the money will be paid into the Consolidated Fund and will support all Government expenditure. That is in line with the principle by which loans are repaid at the moment, and it would not be in anyone’s interest to breach the principle.