Possibly, but your economy is in a better state than ours plus there's the issue of volume.
As others have said, the demise of decent vocational training in the UK is part of the problem, as is the proliferation of frankly trivial and frivolous courses of study by second-rate institutions.
As usual, the UK is opting for an amalgam of the worst aspects of European and American models. There should be decent system of affordable student loans, consolidated and accessible bursaries and (crucially) a structured and properly supported system of apprenticeships. The idea that you need a three-year degree to do certain jobs is ludicrous, and we need to develop more modular access to higher education.
Like the Aussie health care system, which makes lots of sense, it simply doesn't translate to a smaller country with a flat-lining economy but a much bigger population density.