Responding to today's Universities UK report on the value of higher education to the economy, David Frost, Director General of the British Chambers of Commerce said:

"No one can deny the value to the economy of the University system but it's vital that young people enter work with the skills businesses need. Without highly skilled young people Britain will be powerless to prevent high technology / high margin jobs going East."

 Businesses need access to a steady and improving supply of skilled, literate and numerate young people with both academic and vocational backgrounds. Vocational skills are vital to the economy and should be on a par with academic qualifications. It's about education AND training. Young people must view University education and vocational training as equally valuable and the curricula for both must focus on excellence and rigorous assessment."

In addition, school children must have access to quality and impartial careers advice. Vocational training must not be discounted in blind favour of University. Too many unsuitable candidates attend Universities - leading to a drop out cost of £1.2bn a year