As the dust settles

Overall, the tone of the reaction today - emphasised off the record - is that most readers have found the review worthy but dull. I seem to find it more interesting than most (see Sainsbury's new ideology), but am also more sceptical about the likelihood of the important bits being implemented.

I started the day wondering how it would compare with Ian Taylor's task force report for the Conservatives. The answer is, it's a dead heat: they've both come up with a headline promising £1bn for their preferred hi-tech funding agency, the Technology Strategy Board in Labour's case and the Innovative Products Agency in Taylor's.

Universities I think will be most directly interested in the HEIF language. We've known for a long time that a switch from competition to formula was coming, but now we have a political steer on the kind of formula to expect.

The review invents a new category of institution, the "business-facing university". No vice-chancellor these days is going to accept that theirs is anything but a BFU, and Universities UK has politely pointed this out already. But the language is still significant. Basically, I think it means that the cap limiting how much the Russell Group can get will remain, ensuring that smaller but increasingly respected places such as Hertfordshire, De Montfort and Manchester Met will get strong support. HEIF will remain a broad church with around 75 per cent of institutions getting significant funding. My bet is that the Comprehensive Spending Review on Tuesday will push HEIF's budget to around £150m by year three.

I'm extremely dubious about the schools agenda, and find it depressing to see the BBC and other media going with the flakiest part of the whole thing. Action's needed no doubt, but I don't think the government has the teachers or schools to do it. I'd like to see a survey of timetables in one or two inner city areas this year to see how many actually are offering the triple science option ministers have promised to any of their pupils.

I hope you've found Day 1 of our blog interesting. Check back next week for the big spending decisions, and reports from Laura Hood at the big Lisbon conference on the European Research Area. Meanwhile, why not add your own thoughts on the whole thing using the Comment option below?