Latest editorial
A MOVE to a more realistic account of the government’s income from student debt repayment has shown up a huge hole in the public finances — £12 billion this year previously covered up.
Recognising that much of the debt will never be repaid, the Office for National Statistics (ONS) will now split the loans into two parts: financial assets and government expenditure.
It marks a break with the current system whereby student loans do not count as government spending, while interest payments are counted as income — despite the fact that many graduates will never pay all the interest back because they earn too little.
Only an ambitious programme of state-led investment can restore growth and improve living standards, argues MICHAEL BURKE
Years of underfunding are eroding Scotland’s local services and deepening inequality in communities, says VINCE MILLS
Cuts are sweeping campuses as cash-strapped universities slash staff and politicians fail to act on a growing funding emergency. VINCE MILLS reports
