1) The Government's policy is financially chaotic. They predicted an average fee of £7500, but more than two-thirds of Universities want to charge £9000 for some or all courses. 2) The 80% cut to the HEFCE Teaching grant will leave Universities systematically underfunded even with higher fees. Oxford will still be spending £8000 of its own money in every undergraduate. 3) The academic profession has never been less attractive. The debts needed to go through both UG and PG study will be huge, whilst money for research is also being cut in real terms and focused on 'impact'. 4) The consumer-producer relationship which the Government hopes to set up will undermine the spirit of academic community which is at the heart of the Oxford ethos. 5) The rapid retreat and intervention of the PM after David Willetts' recent statements shows that he has lost even the confidence of the Government itself.