New figures released by Labour today show that only the top 10 per cent of students will pay more as a result of Labour's plans, announced last week, to cut the tuition fee cap by a third to £6,000.
Labour’s proposals are fully-funded, paid for by measures including not going ahead with the Tories’ planned five per cent Corporation Tax cut for the banking sector, and through additional payments by the highest-earning graduates.
Labour’s package is revenue neutral and would see universities receive funding to compensate them for the loss of income from lower fees.
Gareth Thomas MP, Labour's Shadow Universities Minister, said:
"Under Labour’s package, only the top 10 per cent of earners – those with average incomes of £65,000 or more over their working lives – would pay more. All other income groups would be better off.
"While this out-of-touch Tory-led Government is trampling young people's aspirations, Labour is producing real and costed solutions."