Higher Education (Basic Amount) (England) Regulations 2010

I do not agree with that assessment because no one will be paying anything until they earn £21,000 or whatever the figure will be after it has been increased. That figure of £21,000 is roughly the average wage. Thereafter, we go on up to about £42,000 before people pay the maximum, which is RPI plus 3 per cent. I do not think that that is the credit card levels of interest that the noble Lord and others seem to imply. That is not a heavy repayment to ask of someone on £30,000, £40,000 or even £50,000 or £60,000. If we take medical students as an example, a GP now earns in excess of £100,000. When one thinks of their investment, that is not a bad return. I now want to deal with timing, as it has been alleged that we are rushing this through too fast. I want to stress again that we have a responsibility to give students, their families and the universities certainty about what arrangements will be in place for the 2012-13 academic year. One has to remember that, although the White Paper will not come out until early in the new year, already by then students will be beginning to visit the universities that they want to apply to for 2012. They will be starting to apply in the summer of 2011 for some courses, so everyone, including the institutions, need to know where they stand and when they can plan ahead. Finally, I come back to the nature of the amendments. The noble Lord, Lord Triesman, has sought to reassure the House that his amendments are merely an invitation to the Government and another place to think again. I make it clear in no uncertain terms that this is not an occasion when we can think again. These two amendments are fatal and, if carried, would negate and override the vote in another place last week.