Ranked: All 24 Russell Group universities by research income – Oxford gets £801m, LSE just £41m

The London School of Economics brings in less research income than any other Russell Group university, receiving just £41m in research grants and contracts in 2024-25, while Oxford leads the group at £801m – nearly 20 times as much, according to HESA data.

The University of Oxford made £198m more through research grants and contracts than it did from tuition-related income in the same year, a gap that illustrates just how central research funding is to the university’s finances. At Cambridge, the difference between the two sources was £169m.

Despite bringing in the most research income of any Russell Group university, Oxford ranked only sixth for research quality in the Complete University Guide’s 2027 rankings, suggesting higher research income does not automatically translate into better research outcomes.

Although LSE recently ranked third in the Complete University Guide’s 2027 rankings for research quality, it received just £41m in research grants and contracts, the lowest of any Russell Group university.

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Here are all 24 Russell Group universities ranked by income from research grants and contracts in 2024-25, from lowest to highest, according to HESA data. The figure for Nottingham was taken directly from its financial report, as its data had not been published in the HESA table at the time of collation.

24. London School of Economics and Political Science (LSE) – £40,672,000
23. Durham University – £63,410,000
22. University of York – £107,082,000
21. Queen’s University Belfast – £112,369,000
20. University of Liverpool – £126,241,000
19. Cardiff University – £130,952,000
18. Newcastle University – £133,808,000
17. University of Exeter – £136,855,000
16. University of Nottingham – £140,400,000
15. University of Southampton – £141,808,000
14. University of Warwick – £147,470,000
13. Queen Mary University of London – £161,098,000
12. University of Leeds – £185,563,000
11. University of Sheffield – £204,209,000
10. University of Birmingham – £228,461,000
9. University of Glasgow – £241,106,000
8. King’s College London – £260,466,000
7. University of Manchester – £303,343,000
6. University of Bristol – £352,992,000
5. University of Edinburgh – £375,372,000
4. Imperial College London – £447,418,000
3. University College London (UCL) – £556,584,000
2. University of Cambridge – £605,049,000
1. University of Oxford – £801,313,000

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Featured image via Unsplash