Member email: Update on financial situation!

A version of the below email was sent to members on 5th February 2024

Dear members,

My colleagues Lopa Leach, Cecilia Testa and I have been in regular contact with management about the university’s financial situation. While there is a projected deficit this academic year, the university has also built-up cash reserves of £124 million over recent years. These reserves must not go below £50 million, but in our view this still leaves ample room for manoeuvre and cannot justify the severe cuts to our research, teaching and administration budgets. Management argues that the cuts are only this and next financial year. We, however, point out that these cuts have rather medium- to long-term consequences for the university’s reputation and research capacity. We will continue to press for a change in financial policy that addresses long-term financial sustainability without damaging university core business.

To discuss these issues in more depth, we will hold a members meeting on Wednesday, 28 February, 1 to 2 p.m. Details to follow, but please put the meeting in your diaries already now.