Before exit, Erasmus cost the UK roughly €160 million (£135 million) annually.
It disproportionately benefitted other EU countries over us. In the last year of Erasmus (2018/19) 29,797 higher education students came to the UK, while 9,993 UK students studied abroad.
The replacement Turing scheme cost roughly £100m – £110m annually, and benefitted many more UK students: 35,000 to 45,000 students per year.
The entry cost for the UK to rejoin Erasmus is £570 million for the 2027/28 academic year, which includes a 30% first-year discount. Long-term membership fees without the discount are expected to rise toward £1 billion annually.
It's terrible, terrible value for the UK.
Like I said, Labour seem to delight in giving away UK taxpayers' money to benefit absolutely anyone other than the UK.