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Taxpayers met GBP 60m interest bill after sale of student loans to banks
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MORE than GBP 60 million has come out of the public purse to help
pay the interest on Scottish student loans, it emerged yesterday.
Gordon Brown, the Chancellor, sold off GBP 200 million worth of
Scots student loans to banks in 1998 and 1999 as part of his pledge
to stick to Tory spending limits when Labour first came to power.
But because banks charge a higher rate of interest than students
pay, the government agreed to make up the shortfall in the form of a
subsidy.
Figures revealed in a written parliamentary answer yesterday
showed that over the past six years, a total of GBP 62.5 ...
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