UK Universities Face Financial Crisis
Recent reports confirm that 40% of UK universities are running a budget deficit. This, coupled with a decline in the number of overseas students and a decade-long freeze on annual fees paid by British students, is forcing universities to make job and budget cuts. Over 50 universities have had to reduce their workforce to cope with these financial challenges.
Experts assert that there is a serious risk of a domino effect in the higher education sector. If one university fails, lenders will lose confidence in other universities, leading to a wider crisis. Chris Millward, professor of education policy, states emphatically that the Office for Students must play a crucial role in not only predicting risk but also in managing it.
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