Ranked: All 24 Russell Group universities by how much of their income they lost last year

Out of 24 Russell Group universities, at least seven of them ended last year with a financial deficit.

Although the Office for Students reported some improvement in the financial performance of universities in 2024-25, many institutions are still struggling.

Data published by Higher Education Statistics Agency (HESA) showed combined income of higher education providers rose from £52.5 billion in 2023-24 to £53.9 billion in 2024-25, while the total expenditure rose from £43.4 billion to £53.1 billion.

The HESA data also revealed which UK universities have the highest deficits in proportion to their total income. This arguably gives us a better indication of how universities are coping financially than looking at the surplus or deficit figure itself.

While having the largest deficit does not necessarily indicate an institution is suffering the most (they may just have had more costs that particular year), the data is still very enlightening.

Based on HESA’s data, here’s a list of all 24 Russell Group universities and how much their surplus or deficit (excluding pension adjustments) made up of their total income for the academic year 2024-25. While the University of Nottingham’s financial accounts for 2024-25 were not published at the time of HESA collating the findings, the result has been calculated using the same method.

Russell Group university surplus/deficits last year as percentage of total income (including pension adjustments)

University of Nottingham, via Unsplash

24. London School of Economics – 9.2 per cent surplus

23. Imperial College London – 6.6 per cent surplus

22. University of Glasgow – 6 per cent surplus

21. University of Manchester – 5.9 per cent surplus

20. University of Bristol – 5.7 per cent surplus

19. Queen Mary University of London – 4.9 surplus

18. University College London – 4.6 per cent surplus 

17. University of Oxford – 4.2 per cent surplus

16. University of Warwick – 3.7 per cent surplus

15. King’s College London – 2.9 per cent surplus

14. University of York – 1.7 per cent surplus

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13. University of Edinburgh – 1.4 per cent surplus

12. University of Southampton – 0.9 per cent surplus

11. University of Exeter – 0.3 per cent surplus 

10. University of Birmingham – 0.2 per cent surplus

9. University of Liverpool – 0.2 per cent surplus

8. University of Sheffield – 0.1 per cent surplus 

7. Newcastle University – 0.4 per cent deficit 

6. University of Leeds – 0.8 per cent deficit 

5. University of Cambridge – 0.9 per cent deficit 

4. Durham University – 1.6 per cent deficit 

3. University of Nottingham – 8.9 per cent deficit

2. Cardiff University – 9 per cent deficit 

1. Queen’s University Belfast – 9.8 per cent deficit

Responding to the data from both the Office for Students (OfS) and the Higher Education Statistics Authority (HESA) on higher education sector finances, Vivienne Stern MBE, Chief Executive of Universities UK said: “Through the skilled workforce and the innovations they produce, universities have a key role to play in the country’s future success, but this analysis illustrates how the financial situation facing our world-class institutions remains extremely challenging.

“Universities are working hard to ensure their long-term stability, making tough decisions to control costs and looking for ways to do more with less , and we are seeing many examples of major transformation. The decision to increase fees in England in line with inflation was the right thing to do to begin to address the challenge, and government should be congratulated for grasping the nettle, but the task is not yet complete.

“Indeed, changes to visa policy, the introduction of a tax on international students and increased pension and national insurance costs have added to the pressure. We also fear that DFE is about to cut grant funding to English universities to support the cost of wider teaching. They should not do that.

“Universities can be real drivers of economic renewal but if we want a world-class system which delivers for students, employers and communities across the country, we need a serious conversation how degrees are funded and whether the government’s share matches the value universities deliver for wider society.”

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Featured image via Unsplash