The University of Oxford is top of the Times Higher Education World University Rankings for the 1st time. Read more from the BBC.
A key factor in the rankings is income and both universities saw this rise in the past year, partly in the form of European Union research grants.
But this income could fall with Brexit, warned rankings director Phil Baty. The researchers also point out that about a quarter of Cambridge’s research income, and a fifth of Oxford’s, come in the form of EU grants – a factor which they say underlines the risk Brexit could pose to the global performance of the UK’s leading universities.