Where RAB stops, nobody knows
What is the Resource Accounting and Budgeting charge – the estimated loss – for the loans issued to those starting higher education since 2012?
Back in 2010 it was 28-30%, in the 2011 white paper 32%, 35% earlier this year, 35-40% in October and now … ‘around 40%’.
That’s what Willetts told the House of Commons just before Christmas when asked what impact the ‘latest forecast of average earnings of growth’ would have on the estimates.
One percentage point ‘uptick’ is equivalent to over £100million of additional expenditure. The savings supposedly achieved by the new scheme are open to even graver doubts than the ones I set out in False Accounting? back in 2012.
After postponing twice, Willetts will appear before the BIS Select Committee to discuss student loans and their planned sale on Tuesday morning (14 January) at 11.30am.
Critical Education 
Can you not get yourself invited to the Select Committee? Write to the Chair with a list of your publications and interviews ( including with Willets) and talks.. these committees in themselves are often very poorly informed… and are far from clear on whom they should as about anything.. they’ll probably ask the NUS for example, and treasury spokes persons. Why not you… with a pile of docs.
I appeared on 17 December … with a pile of docs. https://andrewmcgettigan.org/2013/12/17/bis-select-committee-tuesday-17-december-2/