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<\/p>\nUniversity tuition fees have risen to \u00a39,250 for all students in 2017 including students already attending university, depending upon the contract of each university. In later years the fee rise will reflect the increase in inflation. The level of inflation is currently 2.8%.<\/p>\n
If this level continues then university fees will be increased to \u00a310,000 per year in the coming few years. <\/p>\n
This is a controversial policy and the Labour Party has criticized the increased fees stating that this will put an increasing financial burden on poor and middle income households. The National Union of Students and the UCU lecturers’ union will protest these increase in fees in November.<\/p>\n
However, the Universities Minister Jo Johnson, believes that the increase in fees will help raise standards as the higher fees will help attract the best lecturers. Undoubtedly, increase in costs will put more financial burden on students while universities will feel the pressure to offer the best value for money courses. But the increase in fees should be accompanied by more scholarships provided by universities and the government so those that wish can attend university and pursue their ambitions. Moreover, more money should continue to be invested in apprenticeships, allowing a wider range of choices for young people.<\/p>\n
As the Resolution Foundation has found millennials are the first generation to be worse off than the previous generation. The study found that 15-35 year olds suffered worst from the recession and the slow recovery. Specifically those individuals who started work after or during the financial crisis, in 2008, have faced squeezed wages and are earning less than their parents\u2019 generation. With increasing tuition fees this puts further pressure on the youngest people as they may be the first generation to be worse off, and have the higher debts incurred by university fees.<\/p>\n
Theresa May mentioned a widening gap between the more prosperous older population and the poorer younger generation. However, more concrete policies are needed to help the younger population reach their full potential, the younger population have already utilized the IT skills needed for an ever more technology driven workplace. But without the opportunity available, a generation could lose out on the advantages enjoyed by the previous generations.<\/p>\n
The private sector, government and universities should come together and propose a policy that will help young people and reduce their burden in an increasingly difficult working environment.<\/p>\n