KNOWLEDGE ECONOMY

That this House notes with concern that the UK invests 1.4 per cent of gross domestic product (GDP) in higher education, compared with the Organisation for Economic Co-operation and Development average of 1.7 per cent; further notes that public support of further education fell by 5.9 per cent in 2010-11, the last year in which it was reported separately; is concerned that spending on research and development at 1.8 per cent of GDP is also lower than the EU-27 average of 2.0 per cent; is further concerned that the UK has fallen from third among the top industrialised nations in terms of young people graduating in 2000 to 15th in 2013; is aware that the cost of educational under-achievement in the UK is estimated at £22 billion for a generation in opportunity costs and costs to the public purse; is further aware that countries like Germany, India and China have prioritised investment in education in response to the economic crisis; believes that access to high quality tertiary education provides enhanced life chances for individuals, significant benefits for society and is essential for the UK's long-term economic sustainability; and calls on the Government to recognise these benefits and commit the UK to funding tertiary education at a level that can close the international competitive gap in investment with other countries and enable the UK to compete on an equal footing.