14/11/2011

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:00:27. > :00:30.Afternoon, folks. Welcome to the Daily Politics. New Prime Ministers

:00:30. > :00:33.in Italy and Greece bring relative stability to the Eurozone but what

:00:33. > :00:38.damage has all the uncertainty done to the UK economy and is there

:00:38. > :00:42.anything the Government can do about it? At the moment, they are

:00:42. > :00:46.predominantly white and male. So, should women and ethnic minority

:00:46. > :00:49.candidates be favoured in the selection of our senior judges?

:00:49. > :00:53.Unemployment is set to rise over the coming months we are told today

:00:53. > :00:56.but is a good workout what the long term jobless need to help them get

:00:56. > :01:00.back to work? Students were back on the street again last week

:01:00. > :01:10.protesting about higher tuition fees. The internet's money saving

:01:10. > :01:11.

:01:11. > :01:14.expert is here to tell us they All that in the next half hour. And

:01:14. > :01:18.with us for the whole programme today is Nikki King, who is

:01:18. > :01:20.managing director of Isuzu Truck UK. Later we will have Martin Lewis of

:01:20. > :01:25.Money Saving Expert on the programme to talk student tuition

:01:25. > :01:27.fees. If you have any questions about what the new system means for

:01:27. > :01:33.students please e-mail us at daily.politics@bbc.co.uk and we

:01:33. > :01:37.will try to put them to Martin. Now, first it was monarchs, now it is

:01:37. > :01:40.top judges. The Master of the Rolls - the most senior judge in England

:01:40. > :01:43.and Wales - has said he sees no problem with women being favoured

:01:43. > :01:47.for top legal jobs. Lord Neuberger said that if there are two equal

:01:47. > :01:51.candidates in line for a job he has no difficulty with it going to a

:01:51. > :01:56.woman or ethnic minority candidate. Currently, only one of the 11

:01:56. > :02:06.Supreme Court judges is a woman. In the Appeal Court, only four out of

:02:06. > :02:07.

:02:07. > :02:13.37 judges are women. What do you think? We are not Green spotted

:02:13. > :02:17.frogs. We are 50% of the population. Positive discrimination is a

:02:17. > :02:20.mistake. We need to be much more flexible than the way we employ

:02:20. > :02:26.women so they do not have to give up their jobs during a very

:02:26. > :02:32.important part of their career. still do not represent all reflect

:02:32. > :02:37.the community at large in the top echelons of industry. What was your

:02:37. > :02:41.experience? It was pretty good. Once you are at a certain level,

:02:41. > :02:46.you actively encouraged. The tough part is when your children are

:02:46. > :02:52.small, your parents are ill. It is always the women who have to make

:02:52. > :02:56.the sacrifices in their career. If we are more flexible and more

:02:56. > :03:00.sympathetic and allow homeworking, flexible working, we can keep our

:03:00. > :03:04.women and encourage them to get to the top. You said your experience

:03:04. > :03:11.was pretty good but you are told she could not run a fleet cells

:03:11. > :03:16.caused because you were a woman and they were men. Was that true?

:03:16. > :03:21.Absolutely true. You did come across prejudice. I did. It was

:03:21. > :03:24.very easily and quickly dealt with by me. I think positive

:03:24. > :03:30.discrimination will lead to a certain amount of resentment within

:03:30. > :03:35.the workforce. It is not a good idea. Do see a defence with there

:03:35. > :03:39.being two equal candidates and they're saying, we will give it to

:03:39. > :03:45.the women, rather than the discriminatory policies where, if

:03:45. > :03:49.the woman is less qualified, she would get the job? If that is

:03:49. > :03:55.ridiculous. Any sort of discrimination is wrong. You need

:03:55. > :03:59.to encourage people in the workplace, at the same time as they

:03:59. > :04:06.are looking after families and other things. If women decide to go

:04:07. > :04:14.part-time, is their career path stored? Absolutely not. Why not?

:04:14. > :04:19.am a woman myself. Many of my staff had to -- had started working full-

:04:19. > :04:25.time - part-time from home and part-time in the office. Nobody has

:04:25. > :04:29.to work in the office all day these days. A lot of jobs can be done

:04:29. > :04:33.from home or half from home. We have to chuck out the chintz and

:04:33. > :04:40.think outside the box. We have children coming to the office if

:04:40. > :04:45.they are not that six. Why not? We have now got a whole team of 17-

:04:45. > :04:51.year-olds and 18-year-olds who can operate holiday cover for us.

:04:51. > :04:54.must ask if they were let us bring our children in there! Now it is

:04:54. > :04:56.time for our daily quiz. The question for today is... Which

:04:56. > :05:04.former European Prime Minister, did Conservative MP Patrick Mercer

:05:04. > :05:12.reportedly compare David Cameron unfavourably to? George Papandreou,

:05:12. > :05:17.Silvio Berlusconi, Herman van Rompuy or shacks Santa, who had the

:05:17. > :05:19.same honour in Luxembourg? At the end of the show, Nikki will give us

:05:19. > :05:23.the correct answer. If you flick through the financial pages this

:05:23. > :05:26.morning, there is a sense that the Eurozone is out of intensive care

:05:26. > :05:29.but there is no doubt that its condition remains critical. What is

:05:29. > :05:32.more we are beginning to learn how the crisis is affecting the real

:05:32. > :05:35.economy. First, let's have a look at the good news. Italy and Greece

:05:35. > :05:38.have new Prime Ministers. And the cost of Italy's debt has come down

:05:38. > :05:41.slightly, after hitting a record high last week. Meanwhile major

:05:41. > :05:51.stock markets in Asia finished up overnight, while European markets

:05:51. > :05:53.

:05:53. > :05:57.have seen some gains this morning. -- drops. And what about here in

:05:57. > :06:00.the UK? Well, the interest rate we are paying on our debt has also

:06:00. > :06:03.dropped, hitting a record low last week. But now the bad news. New

:06:03. > :06:06.data out today shows the UK job market is facing a slow, painful

:06:06. > :06:08.contraction. Meanwhile, other new figures out today show banks are

:06:08. > :06:11.still failing to meet targets for lending to small businesses,

:06:11. > :06:15.although overall lending is ahead of target. But, since 2007, lending

:06:15. > :06:18.to small businesses has shrunk by about 10% a year. On Wednesday the

:06:18. > :06:24.Bank of England is expected to downgrade this year's growth

:06:24. > :06:26.forecast for the UK, from 1.5% to 1%. With us now is Labour's Chris

:06:27. > :06:36.Leslie, the Shadow Financial Secretary, and the Conservative MP

:06:37. > :06:41.

:06:41. > :06:47.Reports of the �50 billion infrastructure investment programme,

:06:47. > :06:52.does that represent a Plan B or Plan A Plas? It is really important

:06:52. > :06:56.for pension funds to find very long term investments. As I understand

:06:56. > :06:59.from the reports in the papers over the weekend, the Chancellor is

:06:59. > :07:09.tokamak making it easier for pension funds to invest in those

:07:09. > :07:12.kinds of projects. -- talking about making it easier. It is very

:07:12. > :07:17.sensible to be thinking about, for a pension funds, at a time when

:07:17. > :07:21.they are looking for really good, long-term investments, the value

:07:21. > :07:24.that infrastructure can play in that particular problem -

:07:24. > :07:28.investment problem. At the moment, long-term interest rates will

:07:28. > :07:33.government bonds are extremely low. A lot of pension funds are looking

:07:33. > :07:38.for investments that give them a stable yield. It is a PFI project

:07:38. > :07:42.essentially. That is what they are encouraging. It will not be on the

:07:42. > :07:47.balance sheet but that is what cities. There are lots of different

:07:47. > :07:50.approaches around the world. It is worth seeing whether we can use the

:07:50. > :07:55.big pools of capital that up in pension funds in the UK to see

:07:55. > :08:00.whether there is a way in which we can find investments to match

:08:00. > :08:05.liabilities. This is the sort of thing you would welcome, these

:08:06. > :08:11.sorts of projects filling the gap being left by public-sector cuts.

:08:11. > :08:17.Anything is better than nothing. I wish they would get on with it. We

:08:17. > :08:20.have had a m economy flat lining for more than a year. -- and

:08:20. > :08:27.economy. The idea of bringing forward capital projects, that is

:08:27. > :08:31.one of the five points we suggested. We do not know any details. We have

:08:31. > :08:35.the Autumn Statement. The Chancellor will probably as a --

:08:35. > :08:39.outline what he is planning. said the Chartered Institute for

:08:39. > :08:46.personal development are predicting a slow and painful contraction for

:08:46. > :08:52.jobs. This is an incredible -- incredibly important time. They

:08:52. > :08:57.really need to get on and pull out all the stops. Is Labour still

:08:57. > :09:02.really saying the Government is cutting too far and too fast?

:09:02. > :09:07.Absolutely. I can explain why. It is very simple. If you look at all

:09:07. > :09:12.the data, you cannot simply use the eurozone as an alibi for action. If

:09:13. > :09:18.they believe all our woes are down to the eurozone, that is incredibly

:09:18. > :09:23.worrying. You do not accept the reason we have so low rates on

:09:23. > :09:27.interest repayments it is because of the strict deficit reduction

:09:27. > :09:32.plan. I do not accept that. must be the only person who does

:09:32. > :09:38.not accept that. I was in the City last week speaking to bond traders

:09:38. > :09:41.in very big banks. We have our own independent currency and our own

:09:41. > :09:45.Central Bank. The reason why people are fleeing from the eurozone is

:09:45. > :09:50.that we have those independent arrangements that were established

:09:50. > :09:53.well before the Dublin came in. Very low bond yields are a sign

:09:53. > :09:58.that people are predicting interest rates will never change because the

:09:58. > :10:04.economy is so weak. It cuts both ways. If the Government is only

:10:04. > :10:10.targeting yields and Barnes, rather than jobs and growth Macro, that is

:10:10. > :10:15.a flawed strategy. The Government is not stepping up to the plate.

:10:15. > :10:18.Only 40,000 private-sector jobs have been created. The approach by

:10:18. > :10:25.Labour is completely... What you going to do about the big gap

:10:25. > :10:31.between private sector growth and job creation? We have to get the

:10:31. > :10:38.private sector growing. They cannot bear a sells out of a debt problem.

:10:38. > :10:44.-- bail ourselves out. You are having to fund unemployment and

:10:44. > :10:48.benefits. About cutting corporate taxes, it is extremely important.

:10:48. > :10:55.Creating enterprise zones across the country, at regional gross

:10:56. > :11:04.funds going into was to share and other parts of the country. The

:11:04. > :11:10.regional growth fund used to be twice as high. Can I just bring in

:11:10. > :11:16.Nikkei at this point? Would you like to see public money being

:11:16. > :11:20.spent to kick-start the economy? I would not. If you do not have the

:11:20. > :11:25.money, you cannot spend it. Business is supporting the idea

:11:25. > :11:30.that the fact the austerity plan means Britain is in a better

:11:30. > :11:35.position. The position they are in now is the better one. In your

:11:35. > :11:40.industry, you are looking at exports and imports. Various

:11:40. > :11:44.factors underpin growth. Exports have been pretty good for the

:11:45. > :11:51.eurozone recently. We struggle with investment from the Government.

:11:51. > :11:56.Consumer demand is low. What would you do to boost consumer demand?

:11:56. > :12:03.Increase confidence. All this is about lack of confidence.

:12:03. > :12:10.Government has invested over �100 billion. Businesses are investing.

:12:10. > :12:14.I do believe that confidence is important. The economic statement

:12:14. > :12:20.will be playing a very important part. It is a sign of confidence.

:12:20. > :12:24.It has not instil confidence in the public. Do you accept that the

:12:24. > :12:28.austerity plan, will there it has worked in the markets, it has

:12:28. > :12:32.choked off consumer demand? Put it on its head and ask what would be

:12:32. > :12:36.happening if we were now following a credible plan which the IMF

:12:36. > :12:40.believes in and everyone else believes him. Of course it is

:12:40. > :12:46.important to have a credible plan. If you are so stubborn as to

:12:46. > :12:51.neglect all those people who are unemployed. In my constituency

:12:51. > :12:55.youth unemployment has doubled. If you do nothing about the economy,

:12:55. > :13:03.we will continue to flat line and possibly reverse. That is what we

:13:03. > :13:10.are facing. Our company is doing quite well. We took the pain in

:13:10. > :13:14.2007, 2008. A lot of my friends who run companies are having a similar

:13:14. > :13:18.experience. We lack the confidence for next year saying we need to

:13:18. > :13:23.start using funds and start growing and taking on more people. What

:13:23. > :13:27.we're doing is keeping our overhead as fluid as possible because we

:13:27. > :13:31.might have to turn it off tomorrow. How helpful is it for the

:13:31. > :13:37.Government to continually blamed the eurozone crisis? It is making

:13:37. > :13:42.life very difficult here. The Labour have said the difficulties

:13:42. > :13:48.started before the eurozone crisis. This is creating a chilling effect

:13:48. > :13:58.on our economy. The real problem is the problems we had from be

:13:58. > :14:03.

:14:03. > :14:07.previous government. We had one had and �20 million a day interest. --

:14:07. > :14:15.�120 million. Wire countries outside the eurozone growing much

:14:15. > :14:19.faster? -- wide our countries? were given a terrible economic

:14:19. > :14:24.legacy from the previous government. You are blaming the previous

:14:24. > :14:27.government and the eurozone crisis. You are being left in paralysis. Do

:14:27. > :14:33.you think the Government has Bell to come forward with a

:14:33. > :14:38.comprehensive plan? The economy needs to be put on a longer term,

:14:38. > :14:44.stronger footing. No one said coming out of the debt crisis would

:14:44. > :14:49.be an easy economic recovery. glad that Harriet is confident. I

:14:49. > :14:54.hope she is right. All the evidence suggests that things are going into

:14:54. > :14:58.really dangerous territory. The eurozone is worse but we are

:14:58. > :15:04.fragile. I wish the Government would take responsibility for the

:15:04. > :15:09.current state of affairs. I wish we had an opposition that was

:15:09. > :15:16.constructive. We should be putting and repeating a bank bonus levy so

:15:16. > :15:18.we can get affordable housing and jobs for young people. We should be

:15:18. > :15:24.putting national insurance contributions stand for small

:15:24. > :15:28.employers. We have a five-point plan. I am asking for a hearing

:15:28. > :15:38.from the Chancellor who is sticking, regardless of the evidence in the

:15:38. > :15:40.

:15:40. > :15:43.economy. What would you like to hit The idea of a bank levy tax is

:15:43. > :15:47.ridiculous. I'm talking about the bonuses.

:15:47. > :15:50.One of the problems is we have is this concentrating for shareholder

:15:50. > :15:54.value. They are looking at.

:15:54. > :15:58.If I was Prime Minister I would make it a rule that all heads of

:15:58. > :16:02.all major companies in the UK would commit to stay for ten years and

:16:02. > :16:08.that stops two year plans where you get your bonus because you've cut

:16:08. > :16:16.costs, you don't care what's going to happen in two years. "I have May

:16:16. > :16:20.made more -- I've made more money for the company. I'll get my bonus.

:16:21. > :16:26.I'm off.". Talking about confidence is one thing, there are no

:16:26. > :16:29.specifics in terms of how to create it. All the things that we are

:16:29. > :16:34.doing and the bond markets show that investors have confidence in

:16:34. > :16:38.the UK's plan. Investors are seeing the UK as a safe haven in in

:16:38. > :16:40.troubled times across Europe and those low low interest rates are so

:16:40. > :16:45.important because it means mortgage rates are lower. People are not

:16:45. > :16:49.having to pay as much every month and that over time will give an

:16:49. > :16:53.economic recovery. The one thing Government could do,

:16:53. > :16:57.rather than giving small amounts of money under tremendous conditions

:16:57. > :17:00.to business, if they would guarantee loans to the banks it

:17:00. > :17:04.would make a hell of a lot of difference.

:17:04. > :17:06.I am looking forward to hearing about that in the autumn statement.

:17:06. > :17:10.There are predictions today that unemployment will rise in the

:17:10. > :17:13.coming months and on Wednesday, youth unemployment could reach one

:17:14. > :17:17.million. Private companies running the Government's work programme in

:17:17. > :17:26.Britain are looking at ways of getting some of those without jobs

:17:26. > :17:31.It sounds like an idea from the manifesto of the Nasty Party, you

:17:31. > :17:37.put the unemployed into the hands of a PE instructor who makes them

:17:37. > :17:40.do press-ups until they have got a job, but the reality for these

:17:40. > :17:43.unemployed people in Plymouth is different. Working links, which is

:17:43. > :17:49.a company rolling out the Government's work programme here in

:17:49. > :17:55.the south-west, has started a voluntary group, The Friday Club.

:17:55. > :17:59.Today, they are going for a walk in the rain in the city centre. A lot

:18:00. > :18:03.of it is routine, it is about getting them doing something. It is

:18:03. > :18:07.taking them them outside their comfort zone with help from myself

:18:07. > :18:11.to sort of nurture them through a little, just getting them them back

:18:11. > :18:14.into a normal routine. Once you are comfortable, it is easier to get

:18:14. > :18:23.back into work. Martin has been in the group a

:18:23. > :18:26.while. Leanne is 22 and never had a job. This is Teanna and has her

:18:26. > :18:33.first day. Walking in the rain might seem pointless, but this club

:18:33. > :18:36.is getting people into work. Leean and Martin have both got jobs.

:18:36. > :18:40.Having a personal personal trainer helped them to break the mould and

:18:40. > :18:45.have a little bit more confidence in themselves.

:18:45. > :18:53.I'm 22 stone, I'm overweight. I have been told if I don't change my

:18:53. > :18:57.way, I will have died by the time I'm 30. One of my con consultants

:18:57. > :19:00.from Working Links say they do a fit club every Friday. It turned my

:19:00. > :19:05.life around. Having a personal trainer for the

:19:05. > :19:10.unemployed is a waste of money. is getting results. I mean, the

:19:10. > :19:15.work programme which is what we are delivering here in the south-west

:19:15. > :19:20.is payment by results. The majority of the funding comes once we have

:19:20. > :19:24.successfully placed people in long- term work. So it is for us to

:19:24. > :19:31.speculate if you like or to invest money in schemes that might help

:19:31. > :19:35.people move into work. If it doesn't work, then it is at our

:19:35. > :19:41.cost. I came to to Plymouth expecting to

:19:41. > :19:47.fin people forced out of bed and forced into track suits. They are

:19:47. > :19:53.not, that will come as a disappointment to some of you. This

:19:53. > :19:57.shows a few walks in the rain can What do you think about that? Is it

:19:57. > :20:04.going to be the answer to helping young, unemployed people back into

:20:04. > :20:08.work? No, I don't think so. It will make them them feel better. We

:20:08. > :20:10.should be harnessing businesses and providing mentors. We should be

:20:11. > :20:14.providing, maybe the Government should be giving assistance to

:20:14. > :20:19.companies to bring in young people on work experience.

:20:19. > :20:25.Paid work experience? Paid work experience, but maybe paid for by

:20:25. > :20:29.the Government than rather by us. The education system has let down

:20:29. > :20:32.industry and young people. For you, is it the calibre and the

:20:32. > :20:36.quality of students come nothing the workforce? What are they

:20:36. > :20:41.lacking? They lack commitment. They think it is OK to come in and go

:20:41. > :20:45.out at lunch time and not come back. That might teach them commitment,

:20:45. > :20:49.just the sense of training and discipline and all the rest of it?

:20:49. > :20:53.My experience is we do a lot of work experience with young people.

:20:53. > :20:57.One of the things I find is that they are fed-up with school and yet

:20:57. > :21:02.when they come to work, they really enjoy it. I think the more they get

:21:02. > :21:06.the experience of work, and increase increase their parameters,

:21:06. > :21:09.I think that's really the most important thing we could do.

:21:10. > :21:15.Are you hiring? Yes, but not young people, sadly.

:21:15. > :21:21.You are hiring better qualified, older people? Yes.

:21:21. > :21:25.What would per said you you to hire a young person? Putting aside the

:21:25. > :21:28.fact that you think the calibre isn't that great? Because they are

:21:28. > :21:32.not experienced in work, because very little in their education

:21:32. > :21:35.teaches them to be experienced in work, I haven't got time to spend

:21:35. > :21:40.two years training a young person. You mention planning is a problem.

:21:40. > :21:44.Is it because you are unconcern about the economy? Yes, they link

:21:44. > :21:47.together. I would happily welcome young people in to give them work

:21:47. > :21:50.experience and encouragement because it is about confidence. If

:21:50. > :21:54.you have small parameters and no confidence, then work becomes a

:21:55. > :22:00.drag. When you come to work and find you enjoy it and you have a

:22:00. > :22:05.mentor who shows you that you can achieve mountains, that's what we

:22:05. > :22:09.should be doing. Now, if you are an English sixth

:22:09. > :22:14.form student you might be starting to feel nervous, not just about how

:22:14. > :22:18.well you are going to do in your A- levels, but what impact higher

:22:18. > :22:26.university tuition fees will have on you. In a moment we will speak

:22:26. > :22:33.to Martin Lewis, he is heading a taskforce. First David Thompson

:22:33. > :22:37.spoke to sixth-formers this morning. Hello welcome to LadyWell, South-

:22:37. > :22:44.East London. Now, first of all, can I ask you,

:22:44. > :22:48.how many of you are plan to go to to university next year? Good luck.

:22:48. > :22:51.Did the prospect of paying increased fees put any of you hauf

:22:51. > :22:56.or make -- off or make you think about going to a cheaper

:22:56. > :22:59.university? Now, I know I'm going to live at home. I wanted to go off

:23:00. > :23:03.campus, now I'm not going to have enough money to do that and the

:23:03. > :23:07.thought of having debt is scary. Do you think you were given enough

:23:07. > :23:10.information about how the system will work by the Government

:23:11. > :23:13.wasn't until I started going to university open days that I learned

:23:13. > :23:17.about how much feesI need to pay, about the student loan system,

:23:17. > :23:19.about when I need to start paying the money back and how much you pay

:23:19. > :23:25.back with interest. I think that everyone is aware that

:23:25. > :23:29.we're going to have �9,000 tuition fees, however, other things such as

:23:29. > :23:34.living costs and interest rates, people aren't that aware about.

:23:34. > :23:38.How many of you think you know when you have to start paying the money

:23:38. > :23:42.back? I think once we are earning around �21,000 a year or over then

:23:42. > :23:46.we have to start paying back. What do the Government have done to

:23:46. > :23:50.have explained the system system better? Probably something on TV.

:23:51. > :23:56.As teenagers, we watch a lot of TV, so if there was to be more

:23:56. > :24:00.advertisements, maybe posters then we would be more aware overall.

:24:00. > :24:03.Martin Lewis joins us now. Do you think people are concerned

:24:04. > :24:06.about the new fee that is will be introduced next year? People are

:24:06. > :24:11.right to be concerned about the change, but a lot of people have

:24:11. > :24:16.been scared off for the wrong reasons. The language that we use

:24:16. > :24:18.of fees, we talk about it as a debt in many ways and we are talking in

:24:18. > :24:21.England here. It is important to say that.

:24:21. > :24:25.Yes, it is. This is in many ways more like a

:24:25. > :24:28.tax than a debt. You pay it through the payroll. It is proportionate to

:24:29. > :24:34.the amount you earn. You only repay it if you are earning �21,000.

:24:34. > :24:38.There are no debt collectors. It lasts 30 years. And you pay pay 9%

:24:38. > :24:45.of everything you earn earn above �21,000 until you have repaid what

:24:45. > :24:55.you owe plus interest or 30 years and then it stops. If you said to

:24:55. > :24:55.

:24:55. > :24:58.parents your kids if they are successful would you pay it off for

:24:58. > :25:02.them. We have to think about the finances of this rather than the

:25:02. > :25:06.politics of this. You say in that sense, it is mot going to be paid

:25:06. > :25:11.back until you start earning a certain amount of money, but is

:25:11. > :25:16.there a sort of pinch-point, let's say if you are a teacher and let's

:25:16. > :25:19.say you are earning between �22,000 and �30,000, you are paying a large

:25:19. > :25:27.large percentage of your income and you are paying it for years and

:25:27. > :25:33.years? People pay 9% of everything above �15,000. Starters in 2012

:25:33. > :25:36.repay �540 a year less than current graduates. The the impact on your

:25:36. > :25:39.pocket is improvement in the new system, but because you are

:25:39. > :25:42.borrowing more, because you are repaying less and because the

:25:42. > :25:46.interest is higher, you are likely to be repaying longerment many

:25:46. > :25:51.people will not repay in full over the full 30 years which means they

:25:51. > :25:59.are going to think it is, I go back to my starting point, it is like a

:25:59. > :26:02.tax you repay on top of the other taxes for most of your working life.

:26:02. > :26:05."If Most of the loans will never repaid and the liability on the

:26:05. > :26:14.public purse will be billions and billions.". It is not most will

:26:14. > :26:18.never be repaid, it is many will never be repaid.

:26:18. > :26:22.The Government gives universities �6,000 and it gives the student

:26:22. > :26:26.�3,000 to pay the university which it gets money back. In the new

:26:26. > :26:30.system, it loans the student the whole amount. If they get a smaller

:26:30. > :26:33.proportion of the loans back, because it is all a loan, it still

:26:33. > :26:39.gets more back than it does. I'm not saying I'm in favour of the

:26:39. > :26:44.system, but it is misexplained and the political Spittle in the House

:26:44. > :26:49.of Commons over this demonised a system that is going to do more

:26:49. > :26:55.damage than the new fees. When you talk to kids from non-traditional

:26:55. > :27:00.university backgrounds. The middle- class kids will go, but the bright

:27:00. > :27:03.kids are the ones much debt averse because of the language we use.

:27:03. > :27:08.Do you think the Government explained it well either?

:27:08. > :27:14.that's why I got involved in this independent taskforce. We have only

:27:14. > :27:21.only been going a few months and we get paid peanuts, but we get to

:27:21. > :27:25.come on television talk about it. The mistake was made in 1998 when

:27:25. > :27:30.we introduced loans which you pay through the tax system. In

:27:30. > :27:35.Australia they call this a graduate contribution. Here, we call it a

:27:35. > :27:39.debt and the language and the fact that everyone is too scared because

:27:39. > :27:44.it would be called spin if we changed it, but it is not a loan.

:27:44. > :27:49.It doesn't go on your credit file. You as a business person will

:27:49. > :27:53.understand what Martin says? Martin is right. Maybe it is too late to

:27:53. > :27:55.go back, but some more explanation and if anybody can do it, Martin

:27:55. > :27:59.can. We have to make everybody

:27:59. > :28:01.understand it and once they understand it maybe it is time to

:28:01. > :28:07.change the language. Thank you very much. There is just

:28:07. > :28:17.time to fin out the answer to our quiz.

:28:17. > :28:20.

:28:20. > :28:25.The question was which which former European Prime Minister did

:28:25. > :28:33.Conservative MP Patrick Mercer reportedly compared David Cameron