This report sets out a bold package of reform to stabilise, mobilise and then maximise the contribution of UK universities to economic growth and widening opportunity for all. It has a single aim: to create a UK university sector that is better in ten years' time than it is today. This blueprint is evidence-based, action-oriented and consciously reform-driven. It aims to consider what the country needs from its universities and undertakes a thorough assessment of where it is performing well, and where it could improve. It reaffirms the mission of the university sector, delivering education and research for the public good. It considers what universities can do themselves, individually and collectively, as much as it articulates the actions needed from government. This report posits a two-phase approach to funding and business models for universities. In the first phase the authors seek to secure a more reliable financial foundation for teaching, student maintenance and research. In the second phase, the authors put forward an agenda for transformation, led by universities themselves, and supported by government, that will enable universities to better meet the needs of students, the economy and society. The report outlines a complementary, proportionate and quality-based approach to the regulation and governance of higher education. Finally, the authors argue for the development of a stronger and more consistent evidence base to understand universities' contribution to public as well as private benefits, as a basis for better public policy.