I would say a degree, masters and PhD all give diminishing marginal returns when applying for a given job, but they open doors (and bypass recruitment filters)

I would say a degree, masters and PhD all give diminishing marginal returns when applying for a given job, but they open doors (and bypass recruitment filters) which you might get tripped up by with just work experience. There is also a lot to be said for being a well-rounded person. Even at £9k per year, I would encourage people to go to university - it is the most convenient way to meet a lot of new people, experience living in a different part of the country, and learn to be an adult all while keeping some structure and goals in place.