Andrew McGettigan calls this 'Ten things everyone working in or studying art should know about the White Paper for Higher Education in England', but I think it deserves a wider audience than that.
I'd particulary emphasise his point about John-Lewis style spinoffs. With universities taking 10% student number cuts (and more to come), then there is substantial mutual gain if some parts of an institution are willing to be spun out in this way. Thanks to the VAT exemption they could continue to take advantage of existing econiomies of scale in estates, finance and other cetral services. I would have thought the very strong demand areas, such as (performing) arts, were the obvious place to start.