Latest news: The Budget 2012

Chancellor George Osborne’s recent budget announcement affects us all one way or another. 29/03/2012

Cigarettes now cost 5% more per pack than last year, petrol is up 3p and VAT has been added to new services so now even a haircut will cost more. But Caroline Walsh, MBA programme leader at the University of West London, thinks graduates should remain positive. 

‘I think it’s important to maintain your confidence, after all graduates are still in a relatively good position. According to government statistics graduates are still likely to earn £100,000 more over their working life than non-graduates.’

For those graduates in employment things have seemingly improved, with the chancellor raising the amount you can earn before tax is deducted to £9,205. However Walsh concedes that jobs won’t be any easier to find.

‘It’s tough for graduates when the chancellor predicts that the UK’s economic growth rate is only 0.8% - even if this is a very slight improvement on previous predictions. It could mean that it is still going to be a challenge to find work.’

However she thinks the budget may not be the most concerning issue for those students looking to enter higher education this year.

‘In my view, many students are likely to feel more concerned and affected by the new university fees and loans structure which starts in September 2012 rather than this budget.

‘Research that the University of West London's Business School conducted recently highlights that whilst fees didn't appear to have a significant influence on students' choice of university, higher fees did have a more negative impact on students whose parents had never been to university and also on female students.’

The concern is that some groups may be completely discouraged from entering higher education altogether, resulting in the UK falling behind in terms of global competitiveness.