Universities are facing a funding crisis and some must make cuts to avoid being shut down, the higher education watchdog has warned.
The report said an increasing number would need to make 'significant changes to their funding model in the near future to avoid facing a material risk of closure'. Cuts could include phasing out some degree courses and mergers with other institutions. It warned that the majority of universities in England faced deteriorating finances in the next few years, with 40 per cent expecting to be in deficit during this academic year. Pictured: Stock image of Oxford University
The report said many universities had unrealistic forecasts for a growth in student numbers which had not been borne out by recent applications. It added that the higher education system was reliant on its income from international students to balance its budget, adding: 'This is an increasingly precarious model.'Private school fees have increased by 8 per cent, with families now paying more than £6,000 a term on average.
The ISC said the 8 per cent rise in fees for private day schools was similar to inflation figures at the time schools set fees for the coming year.Advertisement Global politics and economics meant the UK could not control the future numbers of international students, the report said. Chief executive Dr Tim Bradshaw said: 'Growing funding shortfalls for domestic teaching and research means cross-subsidy from other sources – primarily international student fees – has become increasingly important to the sector's financial health.'
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