Labour's "ambition" to clear student debt would cost £100bn, Angela Rayner admits

Helen Cahill
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Corbyn has said he wants to "ameliorate" the student debt burden (Source: Getty)

Labour's "ambition" to clear UK students of their debt burden would cost £100bn, shadow education secretary Angela Rayner said today.

Speaking on the Andrew Marr show, Rayner said the party was working with a "big abacus" to calculate how to write off student debt.

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The total amount of student debt on the government's books climbed to £100bn for the first time in March, according to data from the student loans company, meaning borrowing by students is bigger than credit card debt.

In the General Election campaign, Labour leader Jeremy Corbyn hinted that he would look at how to "ameliorate" some of the student debt burden.

Today Rayner said: "It's a huge amount; it's £100bn which they estimate currently. It's a huge amount of money. It's a big abacus that I'm working on with that.

"But we've got to start dealing with this debt crisis that we're foisting on our young people. They're leaving university with £57,000 worth of debt. It's completely unsustainable and we've got to start tackling that."

Former Labour peer Lord Sugar, who has been a vocal critic of Corbyn, tweeted to ask the Labour leader to explain where he is getting the money from to fund his student loan policy.

"Don't say from the rich as that is pure lies," Sugar tweeted.

Read more: Alan Sugar quits Labour due to "negative business policies"

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