Title page
Contents
Summary 4
1. Major funding reviews and policy announcements since 2010 8
1.1. Browne Review (2010) 8
1.2. Augar Review (2019) 9
2. Concerns about the financial stability of HE providers 13
2.1. The declining 'unit of resource' 13
2.2. Increasing reliance on international students 14
2.3. Risks facing the higher education sector 15
2.4. What would happen if a university became insolvent? 16
3. Income and expenditure of the UK higher education sector 19
3.1. Trends in overall income and expenditure 19
3.2. Income sources 21
3.3. Types of expenditure 23
3.4. Financial position of HE providers in England 24
4. Public sources of funding 26
4.1. Direct funding for institutions 26
4.2. Indirect funding through tuition fee loans 33
4.3. Overall levels of public spending 37
5. International comparisons 41
5.1. Rest of the UK 41
5.2. Higher education spending in other countries 43
6. Alternative funding models 49
6.1. Increased fees and/or grant funding 49
6.2. Graduate tax 51
6.3. Graduate employer levy 52
6.4. Stepped student loan repayments 55