This paper presents the keynote speech by Professor Steve Smith, President of Universities UK, delivered at Universities UK Annual Conference last September 2010. In this speech, Professor Smith focused on two sets of issues: firstly, the future of the UK economy and, secondly, the potential pitfalls of the decisions that are shortly to be made by the government over the SR and Lord Browne's report [Independent Review of Higher Education Funding and Student Finance]. He asked this fundamental question: if we do not try to win the race to the top, what future lies in store for the UK? He opined that it is absolutely imperative for the future of this country that the UK remains a first-rank knowledge economy, not for the sake of universities, not even for the sake of current and future staff and students; no, the UK has to remain a leading knowledge economy because there literally is no other choice if it wants to bequeath economic prosperity to its children.