The Higher Education Funding Council for England (HEFCE) will allocate £4.47 billion to 129 universities and higher education colleges and 203 further education colleges for the academic year 2013-14.

This funding is allocated for the following key areas and activities:

• £2.3 billion for teaching
• £1.6 billion for research
• £160 million for knowledge exchange
• £280 million in capital grants
• £149 million in special funding.

Further details are given in ‘Recurrent grants and student number controls for 2013-14’ (HEFCE 2013/05).  The ring-fenced settlement for science and research means that HEFCE can maintain overall levels for research and knowledge exchange funding until 2014-15.