Just coming in very briefly—. You've asked a number of very good questions. Too many cooks spoiling the broth, as you know—an overmighty chef might destroy a restaurant. We've moved from a situation in the last 30, 40 years whereby we had a degree of collegiate governance—so, people at all levels in the university were collaborating with one another. Senate, which was sovereign in academic matters, was listened to and heeded, to a position whereby, in Cardiff University, for instance, now, Senate unanimously votes down plans, and yet they sail through council. There is dysfunction across the board. Back in the day, registrars were tribunes. They would be there, on boards of governance, and they could turn around and, not veto, but certainly raise concerns. For the most part, they've now been demoted to the status of clerks—no offence to any clerks today, but there we are.
We have seen a hollowing out of collegiate governance, which still exists, incidentally, in Oxford and Cambridge and Queen's University Belfast, and other places—that sort of university. They are perfectly collegiate, and they do very well indeed. We've seen a turn to corporate governance, largely in response to a smouldering financial crisis, and, as we will hopefully discover later, that has given rise to very questionable decisions. Gareth talks about participation. Putting it starkly, around 30 per cent of Welsh kids go to university. In Northern Ireland, which, I would suggest, is our closest economic comparator, it's around 40 per cent. In the greater London area, it's 50 per cent. Those figures speak for themselves. So, anybody who turns around and says we need less HE in Wales because kids aren't going needs to address that question.
To put it very bluntly, what we need is a presence—HE needs a presence in schools. When I went to school, I remember I saw the people with their sixth form ties, and I had something to aspire to. There was a common room. There we are. I knew that, if I did well, I would go into the sixth form, and I would go to university. Now, you might do an apprenticeship and get to university via a vocational route. That is the beauty of a tertiary system—people from a broad range of backgrounds reaching the same destination via a variety of different routes. That is how it should work. But think about it: if there's no university in Maesteg, in Torfaen, in Blaina, or in Tondu, the advantages of a university education are remote, they will not occur to people.
And that, incidentally, undercuts consent for international recruitment. International students are so important, not simply because they cross-subsidise research and teaching, but also because they bring expertise. They enrich our communities. There we go. But we all remember Brexit, when people felt that they weren't getting a good deal, and how they then turned around and took a particular position. If we have a situation where Welsh communities do not feel that their kids have a chance of going to universities, that undermines consent for universities, let alone international recruitment.
You talk about a utopia. That's an interesting one. We need to sort out governance. There's no doubt about that. We need to stabilise the financial situation. We have ideas about that, but that largely lies at the UK level. One thing that I would point out is that big business has massively benefited from the huge increase in access—all those productive graduates who produce a lot of profit. The cost of a degree is currently carried by those graduates, by the public purse, and, oddly, by our members, who are taking pay cuts and all manner of things. We think it's probably time for business to take a share of that too, particularly when you consider that, over the same period, their investment in workforce training has dropped by 50 per cent. We need more money. If we have more money, we have more opportunities. In the meantime, if we collaborate, we can possibly muddle through. Does that make sense?