I think, although I'm not so convinced I'd set my hat on it yet, that we have over professionalised a lot of jobs that now require degrees but were previously forged through training and apprenticeships.
It has the disadvantage that many late teens cannot enter the workforce in a meaningful way without huge debt and others are left behind and demoralised, feeling like failure and with an abundance of time to ruminate on those feelings.
Yes, some professions need a degree but at the risk of being mean, a lot just don't - it's just a pay to earn system.
If they wanted to get more people in to work then we need to challenge employers who set the bar of employment at a graduate level as a default. This would have been more helpful than bellyaching over ni increases that I expect, giving the speed with which employers are shedding jobs, won't offer a net increase to the treasury.