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Philip Hammond ‘looking at £5k cut’ in tuition fees

CUTS to tuition fees that would save students at least £5,000 are reportedly being mulled over by the chancellor.

Philip Hammond (pictured) is looking at capping annual charges at £7,500 instead of the current £9,250, according to The Sunday Times.

The government is under intense pressure to ease the burden of student finances amid warnings that most graduates will never clear their debts.

Universities have also faced criticism for paying vast salaries and for acting like a cartel to set the maximum level of fees. Concerns have also been raised about interest rates of more than six per cent on student loans.

Universities would be given a £1,500 annual top-up for each science student to cover the greater expense of their degrees under the proposals, according to the newspaper.

At the election Labour won younger voters as Jeremy Corbyn promised to scrap tuition fees, while saying he would ‘deal with’ student debt. However he later said he had not promised to write off student debt.

Tuition fees for English universities trebled to a maximum of £9,000 a year in 2012 but are to go up with inflation.

Mr Hammond said last week that the system was being kept under review and admitted the government had expected a wider range of fees.

A Treasury spokesman said: ‘We will not comment on speculation.’

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