In the UK, despite opposing claims from ministers, the "wage premium" of graduates has fallen by 29 per cent since the early 90s, and employers often also demand graduates for low-skilled positions. It is a common belief perpetuated by economists and governments that higher education pays more.

This is also reflected statistically. As the number of graduates with humanities and creative arts degrees continue to rise faster than that of graduates with physical sciences and engineering degrees, the difference in wage between a degree holder and A level holder has narrowed from 38 per cent in 1993 down to 27 per cent in 2008. Similarly, in 1993, half of graduates who went into non-manual work earned 30 per cent more than the average wage, but this figure fell to 23 per cent in 2008.

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