Among the many details of the FTA between the EU and the UK that was supposed to smooth the exit of the UK from Single Market and Customs Union was that the UK declined to continue participating in the student exchange
programme Erasmus (there are other components to Erasmus that I will not focus on). Rather, in the spirit of sovereignty and independence, the UK will set up its own programme that will support UK students who want to study abroad for a term or two,
though with very limited resources per student. While this might save indeed money (especially, as the UK is more attractive as destination than as sending country of students), there are clear negative repercussions for Higher Education in the UK. Exchange
students who spend part of their undergraduate students in the UK might return as post-graduate (highly paying) students; while I did not participate myself in the Erasmus programme, I spent a seminar in the US during my undergraduate studies, which ultimately
informed my decision to apply for PhD programmes in the US. Penny-wise, but pound-fool! Of course, there are other, non-monetary benefits – a more international student body makes UK universities more attractive for domestic students and for international
academics; it fuels the intellectual environment and debate etc., as eloquently discussed in this article.