If the UK leaves the European Union, it will cost Cambridge University about £100m, or about 10% of our turnover.
I present the details in an article today in the Cambridge News.
I reckon we will lose at least £60m of the £69m we get in European grants, at least £20m of our £237m fee income (most of which is from foreign students), at least £10m from Cambridge Assessment and Cambridge University Press, and £5m each from industry and charities. Although I’m an elected member of Council (the governing body) and the committee that sets the budget, all this comes from our published accounts.
And my estimates are conservative; the outcome could easily be worse, especially if foreign students desert us, or just can’t get visas after a popular vote against immigration.
Now everyone on Britain pays on average £4 a year to the EU and gets £2 back. The net contribution of £2 amounts to £12.5m for a town the size of Cambridge. The University alone is getting more than four times that back directly, and yet more indirectly. And the same goes for many other university towns too; even Newcastle gets more than would be raised by everyone in the city paying £2 a year.
But this is not just about money; it’s about who we are, and also about what other people perceive us to be. If Britain votes to leave Europe following a xenophobic campaign against immigrants, people overseas may conclude that Britain is to longer a cool place to study, or to start a research lab. Even some of the people already here will leave. We will do the best we can to keep the flame alight, but it will be very much harder for Cambridge to remain a world-leading university.