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The University of Oxford have very kindly published an analysis of the Russell Group letter in your link;
Universities and a ‘no-deal’ Brexit: some rather desperate misrepresentations.
"I have read this letter carefully, and I have to say that I am bewildered by the degree of misrepresentation it contains.We expect universities, above all, to be places that cultivate critical thinking, dispassionate analysis and respect for empirical evidence.This letter displays none of those things.To warn of taking ‘decades to recover’ from the effects of a so-called no-deal Brexit is to exaggerate wildly; and the solemn statement that this is ‘no exaggeration’ serves only to compound the absurdity."
"It is hard to avoid the overall impression that this open letter was cooked up rather hurriedly to serve a political purpose, in these final days before the expected parliamentary vote on the Withdrawal Agreement."
"If so, this would not be for the first time.On 20 June 2016, in the very last days before the referendum, a public letter was issued by the Vice-Chancellors of 103 UK universities, urging people to vote Remain."
"(To add a little perspective here, we should recall that EU research funding of all kinds contributes only 2.6 per cent of all UK university income; this worst-case scenario involves losing only a portion of that.)"
www.ox.ac.uk/news-and-events/oxford-and-brexit/brexit-analysis/universities-and-no-deal-brexit