Research England’s modelling for REF 2029 has prompted warnings that eliminating funding for 3* (‘internationally excellent’) outputs could transfer about £50 million a year to Russell Group universities and shrink grants to non‑Russell institutions. Research England confirmed it is reviewing the QR funding formula and outcome weightings, with ministers pushing institutions to concentrate resources on areas of strength. At the same time in the UK debate, commentators and academics are pushing back on proposals to replace external examining with numeric accountability measures, arguing that one-size metrics would undermine disciplinary nuance. External examiners remain a cornerstone of UK degree standard-setting; critics say scrapping or standardizing the system would risk homogenizing assessment and weaken academic judgement. University leaders, funders and sector bodies will face trade-offs: reallocating QR funding to top outputs may sharpen research concentration but risks eroding support for broad-based excellence and the diverse missions of many institutions.