While agree with you about the bankers [rhyming slang] I am somewhat ambivalent about the cutting of the education budget.
In recent years, technical colleges have transmogrified into universities, and people who can't even spell properly, string a sentence together, or tell that summited is not a word, are offered the prospect of a degree.
It has been a big con trick by the government, and in my mind, somewhat akin to the French government hiding their unemployed figures by conscripting men into the army at a wage of about 1 Euro a day, which is what they used to do.
The accusation of 3 million unemployed became a stick to beat previous Conservative governments with. If New [?] Labour hadn't invented these spurious universities, and a system of non failure of all exams. Then they would find the real unemployment figures, far in excess of the 3 million they so loved to sling at the opposition.
Politics is all a mind game.