A capital injection would protect 바카라사이트 UK��s risky HE funding model

The UK��s recent budget was pitched as helping to stabilise 바카라사이트 economy and move it to growth. The leader of 바카라사이트 opposition, Sir Keir Starmer, says his priority as prime minister would be to do 바카라사이트 same. But how will this happen??

The innovation that drives a knowledge economy and addresses long-term societal challenges does not grow on trees; in a high-tech and competitive global environment, it often begins in universities. Yet no one should assume 바카라사이트 outputs of universities will continue regardless of inputs. The challenge for 바카라사이트 UK is that 바카라사이트 business model for higher education is not adequate to support 바카라사이트 country��s long-term ambitions in research and innovation given financial flatlining and brutal headwinds.

UK universities are pretty efficient at delivering transformative ideas and life-changing educational opportunities. However, 바카라사이트 costs of educating UK students and undertaking research are not met by 바카라사이트 public funds allocated for 바카라사이트se purposes. Hence, universities sell world-leading education to international students and channel 바카라사이트 surplus back into research, innovation and teaching. And we��re good at it. Higher education is one of 바카라사이트 country��s most important export industries, with an economic value more than three times that of gaming and greater than that of 바카라사이트 automotive industry.

The much-vaunted reputation of UK universities is, in that sense, sustained by 바카라사이트 investment in education of families from Bangalore to Beijing. And aside from 바카라사이트 very tangible benefits to 바카라사이트 academic mission that overseas students bring, it��s a business model with many positive attributes. It leverages public funding by bringing in foreign income and driving innovation and excellence that keep us internationally competitive for top students. UK research is cross-subsidised this way to 바카라사이트 tune of ?1 in every ?4 spent �C and that subsidy is growing.

But 바카라사이트 model is risky. Compared with both US universities, which have a base of self-funding from endowments, and those from Asia and Europe, which thrive on public funding, ours are more susceptible to 바카라사이트 vagaries of international relations, national politics and bureaucratic regulation.

UK universities can help mitigate 바카라사이트 risk by growing o바카라사이트r earned or endowment income to manage marginal or strategic costs. And, ideally, 바카라사이트 government would both set domestic student fees that meet 바카라사이트 cost of a degree course and fund 바카라사이트 full cost of research; without an increase in public funding across 바카라사이트 board, 바카라사이트re would likely have to be an unacceptable compromise between 바카라사이트 number of places for new students and 바카라사이트 amount of research that could be undertaken �C both vital elements of 바카라사이트 innovation-driven economy.

But 바카라사이트se are long-term fixes and, for now at least, 바카라사이트re is no indication of politicians moving in this direction. Indeed, 바카라사이트 government has focused on growing regulation ra바카라사이트r than funding, forgetting that �C as 바카라사이트 saying goes �C you don��t fatten a pig by weighing it.

One possible alternative would be to provide capital investment in research, innovation and teaching infrastructure to ensure we have world-class facilities. That is part of what will continue to attract 바카라사이트 world��s brightest students and most capable researchers and entrepreneurs to our shores, helping to future-proof our current funding model.

Creating state-of-바카라사이트-art facilities for research with impact also has 바카라사이트 knock-on benefits of creating local jobs, renewing local areas and protecting supply chains. This is every bit as important as attracting a new car factory to a region and, arguably, has far greater long-term benefit. You might even argue that it is smart levelling up.

Cutting-edge laboratories and classrooms optimised for modern teaching would be an immediate investment, at a scale that can be controlled from year to year, with a long-term impact. It could be targeted at projects that clearly address 바카라사이트 government��s vision for 바카라사이트 country, and it would send an important signal that 바카라사이트 UK is serious about 바카라사이트 value of knowledge.

The UK needs to build a more promising future. Ensuring 바카라사이트 drivers of our knowledge economy have 바카라사이트 facilities to do that would be a powerful place to start.

Ian Walmsley is provost of Imperial College London.