The economic outlook for the United Kingdom has deteriorated sharply over the last twelve months. Inflation is at a 40-year high, driven by soaring energy costs, other commodity inflation and, to a lesser extent, rising pay costs.
High inflation and energy costs are likely to be with us for a considerable time. The Bank of England is forecasting that the UK is likely to enter a recession, with growth rates remaining low thereafter.
The cost of the University’s people, consumables, supplies, energy, grants and bursaries will all increase significantly
As a result, unless urgent action is taken, the University is likely to have a significant financial deficit in the years ahead.