This article discusses concerns raised by the Office for Students (OfS) and other policy actors regarding perceived grade inflation in undergraduate degree classifications in England. I employ a desert-based justice philosophical framework to argue that the criticisms made by the OfS can be understood in light of the position that degree classifications occupy at the intersections of two distinctive logics of desert: as retrospective in virtue of past actions; and as utilitarian future-oriented. I then draw from literature in the sociology of education and work to contend that the utilitarian desert-bases of degree classifications, which the OfS aims to safeguard, have been undermined by the shifting relationship between higher education credentials and the labour market. I suggest that criticism of grade inflation (if appropriate) finds a stronger philosophical foundation in the retrospective bases of desert than in utilitarian ones.