I am in the minority in that I believe that University is a good thing for people, not because it makes them better workers, but because it makes them better people.
If education is only about turning out workers, large parts of the population neednt go at all, or stop going after 11. You don't have to be literate or numerate to work on a production line, as my experience in the private sector has made painfully obvious.
Either we want to use education to produce better citizens, or it is an entirely pointless subsidy to big business to allow them to escape paying for staff training.
But I don't really think it is possible to send "too many" people to university.
My generation (and the one now appearing 'below me') have very little to look forward to except long lifespans.
Spending 3-4 years studying something which might not be useful for work is not a terrible misfortune.
Sorry but I don't think university makes students better people. In fact it can make some students pretentious and self entitled. The fact that we have a mass shortage of trades like brickies just shows how the massive focus on making out that not going to university is a massive mistake is now costing the economy. It is entirely possible to send too many to university. If everyone goes to uni then what do you do about vocational trades like plumbers and electricians? Are they not valuable to the economy? And I believe that your point of view that going to university is the be all sane end all is now why our economy is so disjointed. Because of the way our economy is means it's heavily dependent on services and consumer spending. I'm sure the chancellor is well aware that a massive shock like Brexit is likely to have a massive derisory effect on the economy with massive job losses. I think the stigma attached to not going to university is just wrong.