Brexit: UK business schools optimistic despite uncertainty
Business School News Barbara Barkhausen, August 5th, 2016 / 08-10-2016
The Financial Times has interviewed some of the major business schools in Great Britain to understand the sentiment and potential ramifications for them after the Brexit.
Whilst some worried that that EU research funding will be cut and that collaborating between UK and other European institutions will become more difficult, others see it as an opportunity. They hope that the universities might benefit from the UK freeing up money that currently goes to the EU and that more non-Europeans, the majority from China and India, might now be drawn to the UK. In discussion was a simplified visa regime for these countries to study in Great Britain compared with EU citizens. A drop in the value of pound against most other currencies also will make tuition fees less expensive, therefore making UK business schools more attractive to applicants.
All the arguments against Brexit from the view of the education sector:
European research funding:
Against Brexit: EU research funding for British business schools could fall away. Between 2010 and 2014, this kind of funding for British business schools increased by 166 per cent, while money from government as well as industry in the UK declined.
Against Brexit: International students are essential to the culture of university campuses and important for their finances. Surveys indicate that EU as well as non-EU students would find the UK less attractive as a non EU-member.
Against Brexit: Should EU students need visas for studying in the UK, it would limit business schools' ability to recruit. Evidence for this is the reform of post-study work visas for non-EU students.
Faculty and staff:
Against Brexit: The higher education community is an international one: According to the Higher Education Statistics Agency, 13 per cent of academic business school staff in the UK are EU nationals potentially causing big issues if these nationals needed to go back to where they came from.
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