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Postgraduate Education

Thank you very much, Mr Hollobone, for chairing this debate. I congratulate the hon. Member for Huddersfield (Mr Sheerman) on his opening speech. I have always had a soft spot for him; I remember his chairmanship of the Education Committee, and he was also a student of Michael Oakeshott, so all we Tories have great respect for him. We then heard a series of speeches, which I welcome, from the hon. Members for Sheffield Central (Paul Blomfield), for City of Durham (Roberta Blackman-Woods) and for Luton South (Gavin Shuker), and then from the Opposition spokesman, the hon. Member for Birmingham, Ladywood (Shabana Mahmood). There was a theme, which I am happy to join in the support of, that postgraduate education is very important for a lot of reasons. It is very important for the economy, and for the individuals. I can tell the hon. Member for Sheffield Central that I was talking to senior managers from Boeing about their overall strategy for research and development. They said that when they were planning an investment in the US, they were taking some leading figures from American universities close to where they were investing to Sheffield, to see at first hand how business-university collaboration could be done successfully. We can get it right, and we should celebrate those examples. Clearly, great achievements have been made at the university of Sheffield and elsewhere. We have an important and valuable postgraduate education experience. I realise that there are a range of concerns in the sector, expressed by Members in this debate, about the future funding of postgraduate study. Let me make several things clear. First, it is unhelpful to think of it as a problem caused by a pile of undergraduate student debt. The more one looks at the issue, the more it is clear that the idea of a debt mountain that is a burden on people's shoulders is misleading. It should be thought of not as a debt but as a flow of payments. The model, which we took in many ways from the previous Labour Government, has the best features of a graduate tax. It is essentially 9% of any earnings above £21,000 a year until the cost of the university education is paid for. If a child of mine were leaving university with £25,000 in debt on his or her credit card, I would be worried, recognising that it would threaten their ability to borrow, for example, to pay for postgraduate education if necessary. However, that is not a fair analogy with our student finance proposals.