Re: Spending money
One of the issues here is that a university makes the same money from students whether it awards 10,000 degrees in Art Appreciation, or 10,000 degrees in Electrical Engineering.
If we adjusted university funding to depend on the tax paid by recent graduates, we'd see a change in places offered over time to those courses that (a) are likely to lead to a decent job, and (b) won't have you leave the UK ASAP.