So we read in this story in the Telegraph.
When Tony Blair became prime minister, one of his first policy goals was to greatly increase the percentage of young Brits who went to college, on the thinking that the economy would grow with the increasing level of education. That is obviously not the case. Employers are not magically catalyzed into creating more high-pay, high-skill jobs just because there are more people holding college credentials. Lots of those young people wind up working in call centers and the like.