The United Kingdom Coalition Government has introduced a series of market-based reforms to the English higher education system. These come on top of a number of similar policies going back to the early 1980s. Together, these take English higher education closer to an economic market than any other major public system. Taking the period as a whole, these changes have increased efficiency and service responsiveness without damaging overall participation. However they have reduced institutional diversity and innovation and, almost certainly, social mobility. Finally, the latest reforms threaten the balance between public and private goods, costs and benefits that many see as an essential feature of a modern higher education system.