There is an excellent article by Andrew Oswald of Warwick University in yesterday's Independent. It is worth quoting a large chunk of it here.
First, 2007 saw the release, by a UK commercial organisation, of an unpersuasive world university ranking. This put Oxford and Cambridge at equal second in the world. Lower down, at around the bottom of the world top-10, came University College London, above MIT. A university with the name of Stanford appeared at number 19 in the world. The University of California at Berkeley was equal to Edinburgh at 22 in the world.
Such claims do us a disservice. The organisations who promote such ideas should be unhappy themselves, and so should any supine UK universities who endorse results they view as untruthful. Using these league table results on your websites, universities, if in private you deride the quality of the findings, is unprincipled and will ultimately be destructive of yourselves, because if you are not in the truth business what business are you in, exactly?
Worse, this kind of material incorrectly reassures the UK government that our universities are international powerhouses.
Let us instead, a bit more coolly, do what people in universities are paid to do. Let us use reliable data to try to discern the truth. In the last 20 years, Oxford has won no Nobel Prizes. (Nor has Warwick.) Cambridge has done only slightly better. Stanford University in the United States, purportedly number 19 in the world, garnered three times as many Nobel Prizes over the past two decades as the universities of Oxford and Cambridge did combined. Worryingly, this period since the mid 1980s coincides precisely with the span over which UK universities have had to go through government Research Assessment Exercises (RAEs). To hide away from such inconvenient data is not going to do our nation any good. If John Denham, the Secretary of State for Innovation, Universities and Skills, is reading this, perhaps, as well as doing his best to question the newspapers that print erroneous world league tables, he might want to cut out these last sentences, blow them up to 100 point font, and paste them horizontally in a red frame on his bedroom ceiling, so that he sees them every time he wakes up or gets distracted from other duties. In his shoes, or out of them, this decline would be my biggest concern.
Since the 1980s the UK's Nobel-Prize performance has fallen off. Over the last 20 years, the US has been awarded 126 Nobel Prizes compared to Britain's nine.
The THES-QS rankings have done great damage to university education in Asia and Australia where they have distorted national education policies, promoted an emphasis on research at the expenses of teaching and induced panic about non-existent decline in some countries while encouraging false complacency about quality in others.
In the United Kingdom they have generally been taken as proof that British universities are the equals of the Ivy League and Californian universities, a claim that is plausible only if the rankings' numerous errors, biases and fluctuations are ignored.
I hope that Chris Patten and others who are in denial about the comparative of British universities will read Professor Oswald's article.
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