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The value of degrees is being threatened by wider access to higher education, reports the Independent.

According to the paper, the number of people starting university this year has increased by 9.1 per cent on last year's figures and more than half-a-million people graduated.

But, a report published by Kent University found that one-third of graduates from 2003 earned no extra money as a result of their qualification.

Former prime minister Tony Blair pledged to give 50 per cent of 18 to 30-year-olds the chance of going to university.

Commenting on Mr Blair's manifesto pledge, Geoffrey Alderman, who was responsible for standards at University of London during Mr Blair's tenure, told the Independent: "Personally, I think the idea of giving 50 per cent of 18 to 30-year-olds a higher education experience is wonderful, but it was electioneering."

"This target is going to be achieved is by encouraging more Further Education colleges to apply for university status," he added.

New research from the Children's Mutual showed that many young people are saving for higher education.

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