>One thing that I found noteworthy when applying was also the fact that, for Cambridge, the admissions process had two phases: The first was academic acceptance. Those application forms made absolutely no mention of money. After a student has been academically accepted, there is a second phase in the application process that involves application to scholarships and ends with the applicant having to provide proof that they have the required funds to sustain themselves through the study period.

As far as I can tell this only applies to graduate students, and possibly those from overseas (and other weird edge cases like people studying for a second undergraduate degree). If you apply as an 18-year-old from a British high school, you automatically get a loan from the government for tuition fees, can choose to borrow more to cover some of your living expenses, and will be given money by the university or your college if you come from a low-income family. You never have to show proof of funds, because the university will make sure you can afford to go.