Unis told to manage own budgets after call for bailouts
https://www.bbc.co.uk/news/articles/cpd9mgk028lo
Universities should put their own finances in order before looking for help from the taxpayer, the education secretary has told the BBC.
Speaking to Radio 4's Today programme, Bridget Phillipson said there was an expectation universities should “manage their budgets”, as independent institutions.
It follows a call from the Universities and College Union (UCU) for bailouts for those universities struggling financially.
Ms Phillipson said Labour recognised universities as a “public good” and would seek a firmer financial footing for the sector in the long term.
Jo Grady, general secretary of the UCU, warned over the weekend that universities faced "catastrophe" without an emergency rescue package from the government.
In its most recent assessment of university finances, the higher education regulator the Office for Students (OfS) said
40% of universities were predicting deficits.
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Something is going to give by the end of the year. This position, by both HE institutions, the Office for Students, and the government, is unsustainable.