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Browne Proposes Lifting Cap on U.K. University Fees

John Browne, the former chief executive officer of BP Plc asked to review U.K. university funding, rejected the option of a graduate tax and proposed removing the current cap on tuition fees.

His report, which the ruling Conservative-Liberal Democrat coalition endorsed, proposed students should pay the fees from government-backed loans to be repaid at a rate of 9 percent of any income above 21,000 pounds ($33,300) a year. Interest rates, currently subsidized, would be pegged to the cost of government borrowing with a rebate for low earners. Any balance would be written off after 30 years.