What progress has been made in selling the student loan book.

The Government still intend to make sales from the student loan book, but it is clear that that should be done only when we can get a good return for the taxpayer. For the time being, the market conditions do not allow that, but we will actively look to identify opportunities for a sale that represents value for money as market conditions improve.

I am grateful to the Minister for that reply. Does he therefore admit that Government policy has been an abject failure? In fact, the Government's taking on of other people's bad debts and trying to sell off the student loan book is not a goer, either now or in the future.

I do not accept that, but what I do accept is that we are in a global downturn. Market conditions have changed since the proposal was brought before the House. That is why I made the announcement that I have made today.

Student loans are an important policy area and, along with grants, bursaries and the education maintenance allowance, have encouraged serious numbers of young people from my constituency to go into further and higher education. Will the Minister reassure me and confirm that that funding will continue?

I am obviously pleased: we predicted that a third of students should be entitled to a full grant—indeed, uptake went to 40 per cent.—and two thirds of students are entitled to a grant of some sort. That has made a huge difference.

I know that my hon. Friend will also be pleased—these issues are hugely relevant in her constituency, and she continues to champion them again and again—that there has been an 8 per cent. rise this year in the number of students from poorer socio-economic backgrounds going into higher education.