Andrew, absolutely with you. The problem is partly in the internationalisation of higher education. France only enters the top 100 at 22 and it is well past 40 before they re-appear. Sorbonne and Beaux Artes were in the top 10 for decades, now neither scores above 60. What is happening is that degree quality and research do not make it any longer, the main critique being that there is too much rote learning/teaching targetted at producing degrees but not people to USE university developed intellectual skills. The UK is no better and stardards are so on the slide that many good teachers and researchers are getting out (we both did) or going elsewhere such as the USA where, as much as I dislike the nation as a whole, universities are excelling.
Thus, our especially bright daughter will be up against that wall in under a decade and what should we advise. My OH has a number of fellowships and associateships that keep her hand in and bring in occasional money so she can watch whether things improve. When you look at UK universities think tutorial fees. Unless it is a place with a single level you shall find something like:
Standard: £6,995 per year
Resource intensive: £7,495 per year
Specialist: £7,995 per year
Premium: £9,000 per year
Even the top whackis NOT value for money since permissible tutorial/supervision hours allowed have been drastically reduced since I did it day in day out without the students paying and I got paid almost as much per hour as they get now!
Then add other fees, materials, books, accomodation, transport, leisure, etc. There is a report I read but did not download and keep that predicts that without allowing for inflation a debt of around £64,000 is the probably real estimate, which means that two new graduates marrying and not finding work (one or both) immediately have a potential 'lifetime' debt because of mounting interest, charges, etc after they have completed uni.
Is it better on mainland Europe? The answer is that it is a little bit better because the debt threshold is lower but job opportunities are vague comparable everywhere. At prsent vocational qualifications have advantages BUT most governments are pushing them and predictions of saturation are mostly within the next five or six years everywhere.
This is why those of us who care a lot about education are pushing for the best students to go to best unis and to somehow kill off the economic advantage/family connections/and very artificial entry requirements, tests and so on. Hence, I shall always recommend doing lots of homework to look for the best and start applying from the top and work downward. It is not snobbism at all but desperation to see deserving talented students get the best and in turn keep standards high themselves if they remain within higher education as teachers and researchers.