More than 1 in 3 Welsh graduates leave Wales to work. The importance of universities is massively increased if graduates stay in the area

Internal migration in Britain is typically dominated by the young, highly educated, start-of-career or early career professionals. Cities and regions are increasingly interested in retaining their most highly qualified graduates to boost invention, innovation and ultimately productivity. Tim Leunig analyses the unusual case of Welsh universities, which attract a surplus of students yet fail to retains graduates, and what this could mean for the prosperity of Wales