It's important to keep in perspective that some of the people going through the ATPL exams testing centres will not even complete their CPL/IR due to a number of reasons. Further some of the candidates are actually overseas as they use the CAA and more recently JAA system as a basis for training and licence issue in their respective countries.
However with the current generation of easy credit coming to an end perhaps the excesses of yesteryear and today will be balanced off with a decline in student numbers for years to come.