I base my argument, Peter, on the fact that the proportion of jobs in the UK that truly require a "proper" degree level education is about the same now as it was fifty years ago. Yet employers feel the need to require a degree now for jobs which, then, would have required three to five decent 'O' Levels.
The result is that four out of five people who graduate with £27k+ worth of debt (having been encouraged to believe that the world will be their oyster) end up doing a job that fifty years ago would have been undertaken by a sixteen year old. Unsurprisingly they are somewhat disappointed.