BTW, Cambridge gets £371 million of research money each year (https://en.wikipedia.org/wiki/University_of_Cambridge). Oxford gets £478 million for research each year (http://www.ox.ac.uk/about/organisation/finance-and-funding).
UMich spends$1.33 billion on research each year (http://ns.umich.edu/new/releases/21700-annual-research-spending-at-u-m-rises-4-3-percent-to-1-33-billion).
Granted, UMich has many more students, though UMich doesn’t seem to have much more academic staff than either of Oxbridge (but the way that academic staff is counted may be different).