Thought I can wade in here, considering I've done ~6 years in uni and a few years as a squaddie.
50 years ago, barely 10% of young adults left school to go to uni. This was the result of uni's being verrry selective, and by and large the job sector had to compete for graduates to fill their vacanies. The quality of graduates was high. Nowadays, 47% o the United Kingdoms youth will fart about in uni for 3 years, paying £27,000 in tuition fees. There is no limit to uni spaces in the majority of courses, as they want more bods through the door because it's a f*****g ton of money - 27,000 for three years babysitting. I don't use that word lightly, either. Since students pay so much, uni's bend over backwards to ensure that everybody passes. I've witnessed some really bad people passing this year at uni, where back in my home country they would be failed. Another result of the tuition fees is that uni's offer a ton of places on s**tty soft subjects that do not tax the intellect of anyone but the mentally challenged. These people make up the bulk of graduates, doing useless degrees that offer nothing to the economy. The tuition fee loan that they pay back over 3 decades is with interest and linked to inflation. It's practically a saving scheme for the government... It's criminal genius I tell you.
If you have made it this far in my post, then you deserve some actual meaty information. And here it is. The big firms dont want graduates. PwC, EY, Deloitte, Defence Science, Babcock, QinetiQ, BaE, TFL, RMA Sandhurst, Royal Navy Scool Brittania... They want school leavers. It's not worth hiring graduates, when they can hire young, intelligent A-level students, who they can train and mold. In 4 years, one of the companies up in that list will only take on finance grads, engineering/science grads or apprenticeships. The days of doing liberal arts, drama or languages and waltzing into a city firm are dead. The graduates are less than useless. A family member of mine made Partner this year, and he's part of the move to get rid of grads.
If you reckon exclusively hiring grads is bad news, your views are well-founded. They are imcompetent, lazy, unmotivated, excuse-finding wasters, unless proven otherwise. Give me a squaddie any day, followed closely by an actual grad in a real subject.