The Research Assessment Exercise (RAE) assesses the quality of research in universities and colleges in the UK enabling the higher education funding bodies to distribute public funds for research selectively on the basis of quality.
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RAE2008 results

The Research Assessment Exercise was conducted jointly by the Higher Education Funding Council for England (HEFCE), the Scottish Funding Council (SFC), the Higher Education Funding Council for Wales (HEFCW) and the Department for Employment and Learning, Northern Ireland (DEL).

The primary purpose of the RAE 2008 was to produce quality profiles for each submission of research activity made by institutions. The four higher education funding bodies intend to use the quality profiles to determine their grant for research to the institutions which they fund with effect from 2009-10. Any HEI in the UK that is eligible to receive research funding from one of these bodies was eligible to participate.