ClaimsJeremy Grantham

“As for universities, which receive much EU money, for students and faculty it will be a bone cruncher.”

Jeremy Grantham, GMO letter author 2016 3Q 2016 GMO Quarterly Letter: Not With A Bang But A Whimper (GMO via WealthTrack)

Prediction Economics and markets

Brexit will be very damaging for students and faculty at UK universities, which receive much EU money.

Mixed Partly true and partly false in roughly equal measure.

Prediction: Statements about events outside the person's control, checked once they fell due: did they come true?

The second judge would not resolve this claim; the verdict shown is the first judge's.

Said for an organisation they lead or work for; it counts on both records.

What would count as true or false

Prediction that Brexit would be very damaging ('a bone cruncher') for students and faculty at UK universities. Judge it several years after Brexit took effect, as of the end of 2024. True: the evidence shows severe, broad harm attributable to Brexit, such as a large loss of EU research funding or participation (for example exclusion from or sharply reduced Horizon funding), large falls in EU student enrolment, loss of Erasmus+, and significant EU staff departures or recruitment problems, described by sector bodies as seriously damaging. Mostly true: clear and significant Brexit-caused harm across most of these areas, but somewhat milder than 'bone cruncher', or partly mitigated. Mixed: some real harms (for example a fall in EU students) roughly offset by mitigations (for example Horizon reassociation, the Turing scheme, more non-EU students), so the overall impact was moderate. Mostly false: only minor or narrow Brexit-attributable effects, with university finances, staffing and student numbers largely unaffected by Brexit itself. False: no meaningful Brexit-attributable damage to UK university students or faculty.

Set before the research began.

Evidence (4)

  1. E1 Brexit has not been as bad for the UK’s EU staff retention as was feared Times Higher Education · 19 May 2026

    “UK participation in Horizon Europe was paused after Brexit and restored only in 2023, resulting in the share of EU-funded income won by UK universities declining from 16 per cent in 2019 to less than 11 per cent in that year, according to one study.”
  2. E2 Brexit has not been as bad for the UK’s EU staff retention as was feared Times Higher Education · 19 May 2026

    “And the number of EU students in the UK fell sharply after they became liable for full international fees in 2021; the number of new starters was 57 per cent lower in 2023-24 compared with 2020-21, according to the University of Oxford’s Migration Observatory.”
  3. E3 Brexit has not been as bad for the UK’s EU staff retention as was feared Times Higher Education · 19 May 2026

    “The proportion accounted for by EU nationals also fell post-Brexit by two percentage points to 15 per cent – but that is only one percentage point lower than the figure in 2014-15.”
  4. E4 Brexit tore apart European science — now the research rifts are healing Nature · 18 June 2026

    “Ten years after the United Kingdom voted to leave the European Union, there are signs that their relationship in research is healing.”

Reasoning

E1 reports that UK participation in Horizon Europe was paused after Brexit, with UK universities' share of EU-funded income falling from 16% in 2019 to under 11%, before the UK rejoined in 2023. E2 reports that new EU student starters were 57% lower in 2023-24 than in 2020-21, after EU students became liable for international fees. Against these harms, E3 finds the EU share of academic staff fell only two points to 15%, under a headline saying staff retention was not as bad as feared, and E4 reports UK-EU research ties recovering. Taken together, there was real harm to funding and EU student numbers, partly offset by Horizon reassociation and limited staff losses, so the overall impact looks moderate rather than a 'bone cruncher'.

Cite this claim

Jeremy Grantham, “Brexit will be very damaging for students and faculty at UK universities, which receive much EU money.” (said 2016). Verdict: mixed. Reliability API, claim c_c0d2c0c606e9, method 0.1.0+28da144b, dataset release v1.1.2. https://epistacklabs.com/claims/c_c0d2c0c606e9

This claim is in dataset release v1.1.2, with the same verdict.

Reply to this claim

For Jeremy Grantham, or someone speaking for them: a correction or counter-evidence. Replies are read before anything is shown; an approved reply shows your name, role, date, statement and link. Your email address is never shown and is deleted 30 days after the decision (privacy).

More prediction claims by Jeremy Grantham

  1. Resolved false Prediction January 2023
    “we can conclude that the final low for this market might be well into 2024.”

    The final low of this bear market might come well into 2024.

  2. Mixed Prediction January 2023
    “near certainty it was a year ago, is much more likely than not.”

    A continued market decline of at least substantial proportions is much more likely than not.

  3. Mostly false Prediction January 2023
    “after a bloodbath is not unusual and may very well not outlive January.”

    The January 2023 rally may well not outlive January.

  4. Mostly true Prediction January 2023
    “may help to support the market for a few more months.”

    The Presidential Cycle's positive influence may help support the market for a few more months.

  5. Resolved true Prediction 31 August 2022
    “Each cycle is different and unique—but every historical parallel suggests that the worst is yet to come.”

    Grantham says historical parallels suggest the worst of the current market downturn is still to come.

All of them

Verdicts are made automatically; how verdicts are made.