Is there a risk that this encouragement towards STEM subjects might backfire at some point in the future though?
I don't think so. The future is all about technology, robotics, etc. and with that comes all kinds of new industries and careers. The likes of cyber security, machine learning etc are the next big thing and there's a massive shortage of people with the skills to do those jobs.
The more people we have with excellent STEM skills, the better, if we are to compete in the modern world against other countries. We, as a country, can't just continue living beyond our means and forever borrow money from other countries to keep our standards of living - the time comes when we have to stand on our own two feet again - it's becoming blatantly obvious we can't survive just with a service economy, so we have to stake our claim in the manufacturing and design industries of the future.
Of course, there'll always be a place for the classics, arts, law, history, literature, music, etc., but they aren't going to bring home the bacon in a competitive world economy. It's all a matter of balance.