> The very top aren't applying there any more at all

Do you have a source to back this claim?

I think this statement is a bit of an exaggeration. There is undoubtedly some competition from US, but Oxbridge still attract a lot of the top talent. This is reflected in quantitative rankings like ARWU, where Cambridge and Oxford are always in the top of the pack, and often #1 in some subjects: https://www.shanghairanking.com/rankings/arwu/2025.

ARWU is biased towards research, but nevertheless Durham is currently #201-300 and St Andrews is #301-400. So the post is a bit sensationalistic as well. However, as someone in Oxford, I reckon the university has serious structural issues that need to be addressed if they want to stay at the top of their game.

Unlike Cambridge, Oxford doesn't have a post equivalent to Assistant Professor. In many divisions, appointment as an Associate Professor often occurs by internal promotion and this has created really toxic dynamics that scare off top talent. Furthermore, in many fields, Junior Research Fellowships are no longer attractive compared to e.g. a Lecturer position at Imperial or an Assistant Professor position overseas. Failing to attract and retain junior faculty has devastating consequences in terms of teaching and research quality.

Undergraduate admissions have experienced lots of recent changes. It is great that anti-state school bias is no longer present, but some faculty I know have expressed concerns about admissions becoming too subjective and often taking in students that are gaming the system by creating a false narrative of overcoming learning difficulties and minor disabilities (vs considering true disabled students, for instance). I find this very unsettling.

With that said, some courses (e.g. Mathematics, Statistics, and Computer Science) are outstanding and more isolated from these issues. IMHO, they still offer terrific value at the Home Fee rate (£9k), even if you need a mortgage. A rigorous and timeless no-nonsense education that is greatly valued by top employers.