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Irish Times
06-05-2025
- Business
- Irish Times
Northern Ireland needs to prepare to educate, or prepare to fail
The former head of the European Central Bank (ECB), Mario Draghi once said that 'productivity growth is the only possible way to achieve prosperity'. High-quality education is crucial to bringing that about. Northern Ireland needs an urgent increase in the number of higher education places it has if it is to stand any chance of closing the investment and productivity gaps with Britain or the Republic of Ireland over the next 25 years. A comparison of 2022/23 data from the Higher Education Statistics Agency (HESA) for the United Kingdom and from the Higher Education Authority (HEA) for the Republic of Ireland illustrates the chasm that exists. To close the gap with Britain, Northern Ireland needs to increase full-time undergraduate places from 35,000 to 50,000. Overall, higher education places of all types should rise from 60,000 to 80,000. READ MORE Simply put, a better-educated workforce produces more and attracts higher levels of investment than a less educated workforce that is left to work with inferior levels of investment. The examples are everywhere, but it would be futile simply to look on enviously. One must examine why other places succeeded, and copy the lessons. Given UK spending curbs, this is clearly not going to happen quickly, but plans are needed. Taking the regional comparisons of the HESA and HEA student numbers alongside official economic data for 2022, we can illustrate the links between higher education, investment and productivity. Within the 12 regions of the United Kingdom, NI comes second last for the number of higher education places per head, last by a significant margin for investment and third last in productivity. There is a clear pattern here and it stretches back decades. Putting full-time undergraduate student numbers in perspective, Britain has 42 per cent more places per head than Northern Ireland. Meanwhile, Northern Ireland has 34,860 full-time undergraduate places compared to 178,515 equivalent places south of the Border, an 86 per cent gap in favour of the Republic per head. Less than 10 per cent of the Republic's undergraduates leave to study abroad compared to 30 per cent of Northern undergraduates, so the Republic's local-full-time-undergraduate-at-local-university ratio is more than double that of Northern Ireland. Using conservative figures for Gross National Income for productivity and Gross Domestic Product (GDP) for investment, the Republic's investment/GDP and productivity are also both more than double Northern Ireland's. Comparing the Republic of Ireland to statistics available from Britain, the former had 35 per cent more full-time undergraduate places per head, investment was 46 per cent higher and productivity was 28 per cent higher. [ Ireland has highest rate of third-level education in EU ] Losing students is not all bad as long as most or some come back, especially if students from elsewhere come to study in Northern Ireland and want to stay on to work after they have won their degree. That latter number, however, is dire. One-third of Northern Ireland students come home within six months of graduation. In 2022/3, there were 29,015 Northern full-time students in Northern Ireland universities and 12,180 Northern students in universities in Britain. The number exported was offset by 1,330 students coming from Britain, by 1,840 students from the Republic – versus just 650 NI students studying in the Republic – and by 115 from other European Union counties and by 2,195 undergraduates from non-EU counties. This leaves Northern Ireland losing nearly 11,000 students to Britain. And it has been like this for years, with an average of 12,000 more going to Britain every year than come the other way over the last 10 years. Some Northern Ireland students leave by choice. Most do not. A significant number are forced to leave because of the Maximum Student Numbers ('MASN') cap on full-time undergraduates. In the 2022/23 year, there were about 7,000 available new full-time first-year undergraduate places at Northern Ireland universities for Northern Ireland-domiciled students, but there were 20,000 applications. Universities can admit additional students from outside Northern Ireland (such as from Britain, the Republic of Ireland, or elsewhere), but these are not counted within the student cap. It was introduced in 1994, well before UK university fees were introduced, though it must be said that Northern Ireland's Whitehall subsidy limits fees for NI students at NI universities to half UK levels, which can run to £9,500 (€11,150) a year. The student cap, however, has restricted the number of full-time undergraduate places that are available in Northern Ireland to a third below the equivalent number in Britain, even though Northern Ireland has a superior fertility rate. It also serves indirectly to increase the pressure on disadvantaged students, because they are unable to afford to go to Britain for third-level education if they cannot get a place at home. Put together, this is a demographic missed opportunity – even though Northern Ireland's fertility rate has been 10 per cent higher than Britain's every year for years and is projected to remain that way for decades to come. Northern Ireland is not capitalising upon its most precious advantage. Instead of having 30 per cent fewer places than Britain for those who want third-level education, as it does, it should have 10 per cent more. Instead, Northern Ireland is feeding Britain's demographic deficit. Northern Ireland covers healthcare, social care and education costs for students for 18 years yet the benefits are harvested elsewhere. There is demand for more local places. Just look at the numbers of Northern Ireland students who are taking Open University degrees in 2022/23, which are 94 per cent higher than the equivalent percentage in Britain. Noting the problem in 2022, Westminster's Northern Ireland Affairs Committee said it 'places a handbrake on the NI economy', leaving firms less willing to invest, or unable to fill job vacancies and increase their existing investments. The consequences are clear. Prospective investors and local employers laud the quality of our students, but lament their scarcity. Graduate unemployment is practically zero. The lack of more of them is holding Northern Ireland back. To break this cycle, thinking must change. Education is not a cost, it is an investment, one that drives economic growth. Universities and governments together can transform economies. Yes, we face financial constraints. But we must explore creative solutions, including alternative funding and financing for science, technology, engineering and mathematics (STEM) degrees that lead graduates on to high-salary professional positions. The future prosperity of Northern Ireland depends on taking the right decisions and quickly. Let's not squander our demographic advantage any longer. It's time to leverage fully the capacity of our greatest asset: our people. Garrett Curran chairs the Queen's University Belfast foundation board and is a board member of Santander Asset Management
Cision Canada
25-04-2025
- Business
- Cision Canada
The Home Equity Partners Welcomes Rob Hengartner to Advisory Board
TORONTO, April 23, 2025 /CNW/ - The Home Equity Partners (HEQ), a Toronto-based company redefining how homeowners access their home equity, is proud to announce the appointment of Rob Hengartner to its Advisory Board. Rob brings over 20 years of experience in finance and investment management roles and has an impressive long term track record of investing. He previously served as Managing Partner at The Woodbridge Company Ltd., where he developed significant expertise across various asset classes and investment strategies. Rob holds a Bachelor of Commerce from the DeGroote School of Business and MBA from the Schulich School of Business. "We are thrilled to welcome Rob to our Advisory Board," said Shael Weinreb, Founder and CEO of HEQ. "His experience and strategic insight will be instrumental as we continue to expand our mission to help homeowners in the GTA unlock the power of their home equity." "Joining The Home Equity Partners is a unique opportunity to work with a dynamic team that's changing the way people in the GTA view and access the equity in their homes," said Hengartner. "I'm very excited to help HEQ scale a fintech solution that truly supports homeowners." HEQ's signature Home Equity Sharing Agreement (HESA) gives homeowners access to funds without monthly payments, in exchange for a share in future appreciation. The approach has proven successful in the U.S., where providers like Unison and Hometap have funded over $3 billion in HESA's since 2008. "Whether homeowners want to renovate, consolidate debt, or build their financial future, a HESA offers a flexible solution to meet their needs," said Alicia Pedicelli, Chief Revenue Officer of HEQ. "Thanks to a shared approach to future home price appreciation, homeowners can confidently pursue their goals with peace of mind—without any interest or monthly payments." About The Home Equity Partners HEQ is a Toronto-based financial solutions company helping homeowners unlock equity through a flexible, transparent HESA model. In addition to empowering homeowners, HEQ provides investors with access to the stable returns of home price appreciation—without the overhead of ownership.
Forbes
31-03-2025
- Business
- Forbes
Can U.S. Higher Education Be Reimagined As A National Strategic Asset?
Years before the current maelstrom in Washington, a group of university leaders, business leaders, government and military leaders was working to position U.S. higher education in a new light. A clear need was identified for a unified national strategy to address some of the most pressing outcomes-related issues in higher education – those that have both held institutions back (inhibited change and evolution) and led to perceptions of being out-of-touch, of marginal value, or even irrelevant – but also one that leverages what higher educational institutions can do well, and uniquely well, to 'grow the talent needed to fuel our economy, address gaps across student groups and between the academy and industry, and achieve internationally competitive levels of learning for our students compared to their global peers' (On My Agenda: Elevating Higher Education as a Strategic Asset, by Henry Stoever, AGB Trusteeship magazine, May/June 2023.) This led to vision, shared by multiple associations and organizations, for a national council not simply on the future of U.S. higher education but on its future as a strategic asset to the nation – its democracy, economy, society, national security, and global stature. In response, the Council on Higher Education as a Strategic Asset (HESA), was established and began nearly two-year long effort to develop and distribute a report with specific and actionable recommendations to the White House, members of Congress, leaders of federal agencies, state governors and lawmakers, state higher education boards, and CEOs. Unlike previous commissions and councils, HESA was not the result of a presidential charge or a Congressional edict. Rather, HESA had a more organic and more representative genesis. While the original concept and early planning came from the Association of Governing Boards (AGB), it quickly (and by design) evolved into a council jointly administered and driven by multiple organizations and institutions from both the public and private sector. The HESA council was chaired by Michael Crow, president of Arizona State University, Linda Gooden, board chair of the University System of Maryland, and Robert J. King, the former assistant secretary for postsecondary education in the U.S. Department of Education. HESA also is backed by many affiliated organizations and associations. HESA commissioners and strategic advisors all have held senior executive positions in their organizations. The hope was that their important and timely work would serve to deepen and broaden the discussions around U.S. higher education as a strategic asset and an engine for growth, security, inclusion, and democracy. The council (3 co-chairs, more than 40 commissioners, and a dozen strategic advisors) comprises business, government, higher education, and military leaders with a shared goal to develop an urgent higher education strategy to raise the global competitive position of the United States. Specifically, the council was charged with developing high-impact recommendations to leverage the strengths of our higher education institutions to 'drive global competitiveness, keep our nation secure, sustain our democracy, and propel economic and social prosperity.' These were bold goals at a challenging time for higher education and our nation, one that has become far more challenging in recent months as the Trump administration seeks to radically remake higher education, among other U.S. institutions. The final report of the HESA Council, entitled 'America's Talent Moonshot: How the United States Can Win the Global Competition for Prosperity and Security,' was released last week. The report calls for commitment to outcomes that matter most to the American people and appears to have significant alignment with the priorities of the new administration in Washington: The report explicitly calls out current and projected workforce shortages in several key industry sectors having direct impact on national and/or economic security: Priorities identified in the report include: And calls for: The report includes a call to action to create a 'coordinated national response to the complex, strategic education and talent needs of the United States,' with six specific recommendations: The full 'America's Talent Moonshot' report is available here.
Yahoo
24-03-2025
- Business
- Yahoo
John Swinney defends free university tuition as poll says opinions divided
JOHN Swinney has insisted it is 'important' to keep university education free for Scottish students – after a poll suggested almost half of adults support the idea of introducing charges based on the ability to pay. A poll found that 48% of people backed the idea of charging university tuition fees in Scotland, based on the ability to pay. The Carnegie Trust for the Universities of Scotland, which commissioned the research, said this could see students from lower income households paying less or not paying at all, while those students from higher income households would pay more. Swinney, however, said the SNP's long-standing policy of not charging tuition fees on students from Scotland studying at universities north of the Border had helped ensure more youngsters from poorer backgrounds can go to university. READ MORE: The First Minister made clear the Scottish Government 'intends to maintain that policy'. He stated: 'It is important that we continue to have no tuition fees in relation to access to higher and further education. 'I believe access to higher and further education should be based on the ability to learn, not the ability to pay.' His stance comes at a time when some universities are facing difficult decisions as a result of finances – with Dundee University proposing to cut 632 full-time equivalent posts to help it deal with a £35 million deficit. Speaking to journalists during a visit to Kirkintilloch, Swinney said: 'I believe there should be no tuition fees charged for access to higher or further education. 'I believe the ability to learn should determine access to higher and further education, not the ability to pay.' He insisted the Scottish Government's policy approach had resulted in a 'broadening and a widening of access to higher and further education', with the First Minister adding this had happened 'to the extent that we now have record levels of young people from deprived backgrounds taking part in higher education'. Figures from the Higher Education Statistics Agency (HESA) last week showed that 16.7% of full-time, first-degree entrants to Scottish universities in 2023-24 came from the country's 20% most deprived areas – up from 16.3% the year before. However, with universities seeing falling numbers of international entrants, he urged the UK Government to do more to help attract students from overseas. HESA data also showed the number of foreign student numbers in Scotland fell from an all-time high of 83,975 in 2022-23 to 73,915 last year – a drop of nearly 12%. With the income from fees charged for overseas students often vital for universities, Swinney stressed the importance of 'stability in university funding'. READ MORE: And here he said it was 'really important' that the UK Government 'puts in place policies that will support and enable the recruitment of international students and remove some of the barriers'. But he also said that universities need to use their 'formidable strength' in research to boost their incomes, with the First Minister adding that 'research income is so fundamental to the financial health of universities'. His comments came as the Carnegie Trust for the Universities of Scotland polling, carried out by Ipsos UK, found of the 1057 adults questioned 44% believed the the Scottish Government should continue to support all first-time undergraduates, while 43% said they would prefer those whose households could afford it to pay at least some of their tuition fees. More than two fifths (43%) agreed too many people in Scotland continue to face barriers to going to university, with those from low-income households (65%) and disadvantaged backgrounds (55%) considered most likely to have difficulties with this. Overall, the research found found almost half of Scottish adults (48%) supported the idea of charging university tuition fees based on the ability to pay, with less than a third (29%) not in favour of this. Carnegie Trust for the Universities of Scotland chief executive Hannah Garrow said: 'We know how complex the higher education funding system is and how much rides on it. 'However, recent discussions on how to finance higher education feel like they are stuck on repeat, while for many people funding continues to be seen as a barrier to access. 'This research shows that there is room for a more nuanced and open discussion on priorities for funding.'
Yahoo
20-03-2025
- Business
- Yahoo
Big drop in overseas students at Scottish universities
The number of overseas students at Scottish universities dropped by almost 10,000 last year, new figures show. The decline comes after foreign student numbers reached an all-time high in the previous year - their tuition fees provide an important source of funding for universities. The latest figures from HESA (Higher Education Statistics Agency) show there were 73,915 students from outside the UK, down 12% from 83,795 the year before. The statistics also show there were 173,795 students from Scotland at Scottish universities. The number of European Union students in Scotland fell by half as Britain left the EU in 2019 and it has continued to fall in the current figures, to just 10,430. Meanwhile, the share of foreign students had been rising from one in 20 in the 1990s to more than one in four in recent years. What does the future hold for Scottish universities? Record foreign student numbers at Scottish universities The largest number of overseas students in Scotland is from China. It fell from 19,000 in 2022/23 to 17,565 last year. Students from India fell from 12,235 to 9,950 and Nigerian students dropped from 9,415 to 5,985. The number of students from Pakistan increased from 5,075 to 5,540 Dundee University, which recently announced a £35m black hole in its finances, saw a 27% drop in international students - down from 4,570 to 3,335. The University of Glasgow saw a 15% drop in overseas students, down from 15,200 to 12,935. However, the University of Edinburgh, which has also announced financial shortfalls, managed to increase its number of overseas students from 16,625 to 17,020. Scottish students get "free tuition" at Scottish universities which means undergraduates do not have to pay fees for their courses if they can secure one of the limited number of places. However, universities have long claimed that the money it receives from the Scottish government has not kept pace with inflation and is less per student than similar institutions in England get from tuition fees. Scottish universities, like most in the UK, have been on a recruitment drive to draw in students from other parts of the world, charging them much higher fees than UK students – from about £10,000 up to £40,000 per year. For those with a prestigious reputation, including Scotland's older universities, the share of foreign students has risen to close to 40%. This has brought controversy - about the quality of learning, standards of English language ability, and the surge in demand for student accommodation. It has also brought vulnerability if the demand for places falls away. A growing concern about universities, including Glasgow and Edinburgh, becoming too dependent on Chinese students saw recruitment shift to other countries. Nigeria was one new target, encouraged by the UK government. But the market there depends on the strength of the Nigerian currency, which fell sharply and cut off the number of people who could afford to come to the UK. Other factors, such as tighter visa restrictions and stronger competition from other countries, have led to further falls. Why are Chinese students so keen on the UK?
