Again, the issue is education and students being the easy target for cuts, it doesn't make sense to cut education funding but the government knew they could get away with it. They should have increased the tax on harmful things that also cost the tax payer millions, such as alcohol. They only did this because they know that as a country we don't like students.
By the way my sister left Bath University with a Masters Degree in Molecular Biology, her first job after university was in McDonalds as a supervisor, eventually she got a research job with a £22,000 salary, but not doing anything meaningful. Now she is in the American education system doing a PHD in Cancer Research, being payed for by the university on a scholarship, something we don't really do here.