My right hon. Friend makes an interesting point, on which I am sure there will be further discussions.
It is excellent news that record numbers of students are securing a university place. What is more, the proportion of young people from disadvantaged backgrounds going into higher education is up too. UCAS data show that young people from the most disadvantaged backgrounds are applying at a record rate in the 2016-17 academic year. This is excellent progress. But with more demand for graduates and more skills required in the workplace, the sector cannot stand still, which is why I welcome the provisions in part 1 of the Bill making it easier for new high-quality universities to enter the market. This will mean that more places can be created and that students will have more choice, as well as encouraging greater diversity and innovation in the sector.