For what it is worth, we are increasingly becoming like the US and some other European countries, where a further qualification e.g. a Masters, is required. To an extent that wipes out the significance of the class of first degree, particularly if you can get some other accolade with it, such as the Dean's prize for top essay, xyz award for academic excellence etc, many of which are available, particularly (suspiciously perhaps! ... it's all jolly good marketing , sorry if this seems cynical) in the Tier 2 universities.
The Tier 2 universities also seem to have the most fabulous graduation gowns. Of course this is nice for the students, but also means their graduation ceremonies and photos look very attractive! Also good for marketing.