Consider the case of the applicant who just misses the AAB threshold. Prestigious institutions which have had many of their AABs hijacked by even more prestigious ones (maybe SOAS) and would therefore like to have this person, may not be able to accept such students at Confirmation or in Clearing, because they will be constrained by the SNC; so there may well be a population of applicants too proud to accept the institutions able to accept them. Even students well short of AAB may not be willing to go to certain institutions in Clearing. Once London Metropolitan is full at £6k or less, will applicants be willing to pay £9k to go to UEL or will they decide that at that price it is better to miss out on HE? We don’t know.