UK's 'Perfect Storm' for Young People: MPs Launch Student Loans Inquiry

The UK's young adults are facing a perfect storm of economic challenges, according to the head of the influential Treasury select committee, who has launched an inquiry into the country's student loan system.

The cross-party committee's investigation comes as the government considers ways to ease the burden on graduates, amid a growing backlash about high interest rates and hefty repayments, including among Labour MPs.

The influential Treasury committee chair, Meg Hillier, said the review follows growing concern over the level of graduate debt and its impact on young people's ability to participate fully in the economy.

Recent data has highlighted the challenges facing the UK's youth, with UK firms struggling to hire young people amid cost pressures, according to testimony given to MPs.

The student loan system has been a source of controversy for years, with critics arguing that the high interest rates and repayment terms are saddling young people with unsustainable debt burdens and hindering their ability to save, buy homes, and start families.

The Treasury committee's inquiry will examine the impact of student loans on young people's financial and personal lives, as well as the broader economic implications of the current system. It will also consider potential reforms to ease the burden on graduates and ensure the system is fair and sustainable.