[kasbah]

Yes, I should have said "integral to university budgets" rather than "central".

The thing is, the perceived value of education is largely based around prestige. Unless the cost of studying in the UK suddenly sky-rockets or there is some scandal that damages the reputability of all UK universities there isn't going to be a "bust" scenario.

It just doesn't seem very likely. I can envision a slow decline but no sudden fluctuations. Maybe I am mis-interpreting what "bubble" means?