The past 14 years of Conservative-led government have, in many ways, been a successful period for the UK’s universities. Student numbers have increased by 12% to 2.9 million. Real terms income has grown by one third to £52 billion. In the latest global ranking, there are four UK universities in the top ten and 15 in the top 100.

But this success is built on fragile and unsustainable finances, with many UK universities in deficit. Each UK student now costs more than universities receive from tuition fees and government grants. Fees from international students help, but many universities experienced a downturn last year.

Universities are having to close courses that recruit relatively low numbers of students and cut jobs. It is not unthinkable that one or more might go out of business.

Read more: What happens if a university goes bust?

This must be a priority for the next government. However, no party has outlined a coherent plan for how the situation might be resolved.

Higher education is devolved across the UK, so policy is shared between the Conservatives, Welsh Labour, the Scottish National Party (SNP) and the Northern Ireland Executive. In England and Wales, changes by the Conservatives and Labour have replaced most government funding for universities with tuition fees and income-contingent loans. This was pioneered by Labour before it........

© The Conversation