The education policies of governments have become increasingly directed towards economic ends, including the development of workforce skills. UK governments have been particularly committed to such policies and have adopted some quite distinctive tools, relying heavily on targets and emphasizing certificated rather than uncertificated learning. The underlying assumptions of such policies have been subject to sustained critique, but there has been relatively little empirical evidence available regarding their impact on individual adult learners. This paper uses a large national longitudinal data set to examine whether governments in the UK have met their objectives and how far these are consistent with the learners' own. It provides, in particular, detailed information on the factors affecting acquisition of additional formal qualifications in adult life and whether there has been any shift in favour of the less skilled in recent years. It also examines the extent to which qualifications, and especially those prioritized by government, lead to increased earnings for their holders. The results strongly suggest that current policies are failing even on their own terms. In conclusion the paper provides some possible explanations for the findings and sets them in an international context. (Contains 6 tables and 20 notes.)