The Research Assessment Exercises (RAE) were the UK government's evaluation of research quality in British Universities. Each subject, called a unit of assessment, was ranked by a peer review panel. The rankings were used in the allocation of government funding. The last assessment was made in 2008. The RAE provided quality ratings for research across all disciplines. Panels used a standard scale for each submission. Ratings ranged from 1 to 5, according to the quantity of work that was judged to reach national or international levels of excellence. Participating institutions receive grants from one of the four higher education funding bodies in England, Scotland, Wales and Northern Ireland. The top three universities in the 2008 RAE exercise were London School of Economics, Cambridge University and Oxford University.