I have heard many stories of students who by heir own admission admit they were not going to reach their predicted grades this year stating that they will 'have a go' for Medical schools and other top university courses. It was a catastrophic decision to cancel the exams.
As much as I disagreed with the algorithm, the reversion to teachers' grades is causing much more problems, for years down the line, than the algorithm ever would have.
At least with the non inflated results, there would have been a legitimate basis for students who did not sit the exam to reapply to university, say 'look, it wasn't my fault that the algorithm judged me, give me a chance to prove to you by taking the exam'. The appeals process would have taken a long time, but it would have been much more equitable. Now, we have, at an aggregate level, a cohort that is overqualified (by definition exams level the playing field); who will deny worthy students next year and potentially years to come a place they have earned at university; and who are potentially setting themselves up for failure by being on paper qualified for things they otherwise would not qualify for.
I know of people who by heir own admission have received the predicted grades they would otherwise not have been capable of cramming for. They get the benefit of the doubt, but at the expense of students from next year. I feel sorry for those who remained downgraded by their teachers' predictions - they've not done any less than those who have been handed the top grades, yet they find themselves in a situation where they will probably have to go to some retake centre or FE college (which themselves are likely to be drained of cash in view of the fact that most people will be flocking to sixth forms with their inflated grades). They have been left behind through no fault of their own.
Also, the knock on effect will be massive. Tomorrow's GCSE results will qualify thousands more for sixth forms when they otherwise would not have, and it does no one any favours. Sixth forms are going to be overloaded, in a year where we are meant to be socially distancing.