Ironically it is probably the widening of access to university level education that has created this scenario - so many people now go to university (many of whom would be better advised to spend their time and money doing something else) that the government can no longer afford the cost of subsidising the fees.
True, getting people into university means they don't appear on the "unemployed" list. Getting more people into university was a short term tactic with a view to making the government look better than they actually were. With a view toward an upcoming general election, of course.
Introducing tuition fees at the level that it was done has saddled young graduates with a tax for life. Ironic that it was callously introduced by those who received their own tertiary education for free.
All that happened was that the goalposts were moved. It matters not a jot that you have a degree if there is no job to go to on graduation.