Independent Commission for Fees chairman Will Hutton has told ITV News that a new report showing university applications down by 8.8%, is a "storm warning" that less students are "willing" to apply to university.
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Weather conditions remain wet and windy through the weekend.
Mr Banks has given Ukip leader Paul Nuttall an "ultimatum", saying if he is not made chairman he will stop supporting the party.
The Tory grandee has vowed to back opposition efforts in the House of Lords to ensure a meaningful vote on the final outcome of Brexit.