Sir Ron Dearing made the same point. His report recommended that student numbers be permitted to increase from the current one in three to 45 per cent. This was the main recommendation in the Dearing report, and the other recommendations were designed to make this increase possible. Politicians often claim that we must increase participation in order to compete internationally. We already have more graduates than most of our competitors.
Graduates earn more than non-graduates, even allowing for differences in innate talent.
Doing a degree increases one's income across a working life. That more than makes up for earnings lost during the three or four years of study. A graduate would expect to earn some 11 to 14 per cent more each year as a result of doing a degree. Their higher wages reflect their higher productivity. They have become better workers as a result of studying and hence get paid more.