'Rationing' university access will endanger growth, UCU warns ahead of A-level results

The union said that while it was happy for those who gained admission, the coalition's decision to cut 15,000 university places and hike up tuition fees would make the country less competitive and narrow young people's options at a time of high unemployment.

UCU highlighted research carried out for the union by the IPPR which revealed that putting someone through university generates a £180,000 net gain for the economy.

The union said that without additional investment the UK would be unable to develop the skilled workforce required by new industries.

UCU general secretary, Sally Hunt, said: 'While we are delighted for those who have succeeded in finding a place, this government's decision to ration access to higher education will consign thousands of others to an uncertain future and endanger economic growth.

'With the vast majority of jobs in the future likely to require high-skill qualifications there will be an enormous cost to our economy from this government's failure to invest in the next generation. However, it is the human cost that will hurt many families today as their kids see barriers put up and doors closed due to lack of funding.'