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The UK's University business model is now pretty stark.... fees from non-UK students, and drawing down reserves (and income from investments) are the only two things left to cross-subsidise the rest of universities' activities (research & the teaching UK students, both of which are 'loss-making').

This model cannot go on forever - international students are in a post-Brexit deciine reserves are by their character, limited!

The crisis in higher education is going to get deeper!

#universities
Universities rely on international fees, investments and donations to fund postgraduate research courses
Share of cost recovered by income from activity, UK higher education providers in 2022-23

Training & supervising postgraduate researchers (PhDs) - 44% costs recovered;
All research - 69%
Publicly funded teaching - 90%
Commercial activity - 98%
Teaching overseas & self-funded students - 145%
Non-commercial activity - 229%