In reply to TheDrunkenBakers:
As a person who has hired in the IT sector within a large multi-national bank, my opinion has always been:
Once you've got your A levels (or Highers in Scotland) your GCSE's (or Standard Grades in Scotland) are largely meaningless*
Once you've started a degree your A levels are largely meaningless*
Once you've got your first real** job your degree is largely meaningless***
The job ad's I put out usually say something like:
"Degree or equivalent industry experience ..."
* If your GCCS/A level/degree has a specialist aspect (e.g. foreign language) and your job requires that specialism as well as the core role then that qualification is not meaningless.
** As in: not stacking shelves.
*** Some companies (particularly American) will not promote past a certain point unless you have a degree/masters.
So if you're already working in IT I'd say do the OU degree if it interests you or if it's going to actually help you get a better job. However, employers aren't always looking for that degree in order to give you the job.