It is a rare moment when critics of exercises such as the Research Excellence Framework feel vindicated by a government-commissioned review. Nicholas Stern’s review of the REF, though broadly in favour of it, includes some important criticisms. It acknowledges that the REF has functioned to the disadvantage of women, Black and Minority Ethnic academics, and academics with disabilities; that it devalues interdisciplinary research; and that its narrow conception of ‘impact’ has been geared towards policy changes and the commercialisation of academic work.