Ranked: All 24 Russell Group universities by how terrifying their financial deficits are

This week, the Education Select Committee warned that 24 UK universities are at risk of insolvency within the next 12 months, amidst a financial crisis of job cuts, courses closing and many institutions selling off buildings and land.

The report argued students need better protection from the government if universities cannot pay their debts. Responding to this, a Department for Education (DfE) spokesperson said the government is committed to creating a secure future for universities so they can deliver for students and the economy.

But which universities are actually in need of help? While the Education Committee did not specify which 24 universities are in the most financial trouble, we can get an idea of how many Russell Group universities are struggling based on their recorded deficits for the academic year 2024/25.

While some UK university deficits are terrifyingly high, students will be relieved to know that the majority of Russell Group universities actually ended the year with a surplus.

It is also important to note that, just because a university has a comparatively large deficit, that doesn’t necessarily make it at risk of insolvency, as different institutions have different methods for managing their finances.

So let’s get straight into it. Ranked from the worst deficit to the highest surplus, here’s how financially comfortable each Russell Group university ended up being in the 2024/25 academic year.

Russell Group universities’ surpluses or deficits in 2024/25

Cambridge, UK

24. Imperial College London – £141.9 million surplus

23. Oxford University – £118.1 million surplus

22. University College London (UCL) – £104 million surplus

21. Manchester University – £84.4 million surplus

20. Bristol University – £68.8 million surplus

19. Glasgow University – £62.4 million surplus

18. King’s College London (KCL) – £57.4 million surplus

17. London School of Economics (LSE) – £50.8 million surplus

16. Edinburgh University – £43 million surplus

15. Queen Mary University of London – £36.1 million

14. Warwick University – £35.9 million surplus

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13. York University – £9 million surplus

12. Exeter University – £8.2 million surplus

11. Southampton University – £6.4 million surplus

10. Birmingham University – £6 million surplus

9. Liverpool University – £1.3 million surplus

8. Newcastle University – £3 million deficit

7. Cambridge University – £8 million deficit

6. Leeds University – £8.2 million deficit

5. Durham University – £8.3 million deficit

4. Sheffield University – £11 million deficit

3. Queen’s University Belfast (QUB) – £22.8 million deficit

2. Cardiff University – £33.4 million deficit

1. Nottingham University – £85.3 million deficit

A Department for Education spokesperson said: “This government is committed to creating a secure future for our world-leading universities so they can deliver for students, taxpayers and the economy.

“We have taken action to put the sector on a secure financial footing, including raising the maximum cap on tuition fees annually and refocusing the Office for Students to support universities’ financial stability.

“Through our ambitious reforms announced in the Post-16 Education and Skills White Paper, we will restore universities as engines of growth, aspiration and opportunity. We will carefully consider the thoughtful recommendations in the committee’s report and respond in due course.”

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