Hugh Brady, renowned as one of Ireland’s leading experts on third-level education and previously President of UCD, currently holds the Presidency of Imperial College London. He has raised significant concerns in two primary areas: consistent financing for universities, and investments in academic research. The financial crisis of 2008 critically reduced the former, and while some funds have been restored, it remains inadequate. Similarly, research investment at this level is notably inferior to that seen in other nations.
Brady allocates a substantial portion of the blame for the precarious condition of the university sector on repeated government indecision around funding for third-level education. The challenge of finding a universally agreed solution has resulted in this issue being consistently sidelined by successive governments, as there’s minimal political benefit to be achieved from addressing it.
However, the implications for the Irish economy could be worrying. The corporate tax system is feeling the pressure, with competition for investment on the rise. To continue to entice investors, Ireland needs to remain a preferred destination. Historically, an excellent education system produced graduates that fulfilled the need for skilled employees. Any threat to this resource could have severe repercussions.
To bridge the funding gap, Irish universities are recruiting more international students, who pay a higher tuition. But such a move isn’t without risk. As evidenced in the UK, government restrictions on student visas have had serious fallout, and any potential risk to the influx of foreign students to Irish institutions could result in similar outcomes.
Ireland’s financial resources are among the most robust in the OECD, thus how these resources are deployed now will significantly impact future economic growth. Appropriately investing in third-level education could lead to a substantial economic and societal return.