The government plans to hit graduates with a real-terms tax rise, it has emerged, despite a mounting cost of living crisis across the UK.
In a written statement to parliament, the Convervatives' education minister, Michelle Donelan, said: "I can confirm today that I intend to bring forward regulations that will keep the repayment threshold for plan two student loans – the income level above which post-2012 student loan borrowers are required to make repayments – at its current level for the financial year 2022-23.
"The threshold will be maintained at its financial year 2021-22 level of £27,295 per year, £2,274 a month, or £524 a week. The post-study interest rate thresholds that apply to plan two loans will also be kept at their current levels in accord.
