Forget chasing the degree, in the pursuit of a better paid position, with the associated status (unless its for your own personal development). We have many senior biomeds here, who have achieved Band 5/6 status on the merits of an HNC plus relevant experience
A degree qualification on its own, indicates an educational benchmark, but does not confer an automatic right to a higher paid position in the Biomed field (Please discuss)
There is a certain illusive quality, that most experienced employers look for when appointing staff to a vacancy, regardless of qualification. Unfortunately, this quality can be lacking in those who have chosen to remain in education, to the detriment of developing the practical problem solving, and developed social skills which are required vocationally.
"Academic ability, is no indicator of common sense"