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HEFCE closed at the end of March 2018. The information on this website is historical and is no longer maintained.

Many of HEFCE's functions will be continued by the Office for Students, the new regulator of higher education in England, and Research England, the new council within UK Research and Innovation.

The HEFCE domain - www.hefce.ac.uk - will continue to function until September 2018. At this point we will close the site entirely and all its information will only be available from the National Web Archive.

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This paper was prepared for meetings of the Financial Sustainability Strategy Group (FSSG) and the TRAC Development Group (TDG) in June and July 2016.

FSSG and TDG agreed to publish the paper, as it provides useful analysis on the financial performance of the higher education (HE) sector for the 2014-15 year when measured on a full economic cost basis. This would be of interest to senior managers and governors of HE institutions, and others interested in understanding the financial position of the UK HE sector.