This update sets out the information that has become available since HEPI’s last report on the cost of the Government’s reforms (Thompson et al, 2012) and considers some of the criticisms made of that report. By far the biggest change has been the announcement on 5 December 2013 by the Chancellor of the Exchequer that Government was to ‘abolish the cap on student numbers altogether’. Our first thoughts on this radical development are set out under the final heading – ‘The Autumn Statement’.