Press release

MillionPlus comment on the IFS ‘Where is the money going?’ report

06 Mar 2019

MillionPlus, the Association for Modern Universities, has today (6 March) commented on the IFS report ‘Where is the money going?’.

Dr Greg Walker, Chief Executive of MillionPlus, said:

“The latest report from the IFS makes for interesting reading, but we are at an early stage in the analysis of this important data. It would therefore not be sensible to consider its findings as a basis for sound policy-making. Indeed, as yet, the IFS does not assert it has uncovered a causal connection between a programme of study and graduate earnings.

“The report’s data is based on projections of graduate's future earnings, but does not take into account the geographical variation in graduate salaries or the greater purchasing power that those on relatively lower incomes have outside London and the South East. 

“It is right, however, to note the potential damage to the education of students that cutting fees would have. If university fee income is reduced without a corresponding increase in direct grant, it risks undermining the investment needed to ensure student success.”


Notes to editors

  1. For further information or to arrange an interview, please contact Dan Blows on 020 3927 2916 or email
  2. Guaranteeing sustainable investment in higher education by MillionPlus is available here
  3. MillionPlus is the Association for Modern Universities in the UK, and the voice of 21st century higher education. We champion, promote and raise awareness of the essential role and impact of modern universities in the UK’s world-leading higher education sector. More information can be found at
  4. What are modern universities? Modern universities are long established centres of higher education in their communities with roots that stretch back decades, if not centuries. Many gained university title following legislation agreed by parliament in 1992. They make up almost half of the UK university sector with over a million students studying at modern universities every year
  5. Modern universities: key facts 2018