Vice-Chancellor says University of York needs to save £15 million in the next year

University of York Vice-Chancellor Professor Charlie Jeffery has claimed that the university needs £15 million of financial improvements for the next financial year, anticipating voluntary severance schemes to reduce costs.

A recent email from Professor Charlie Jeffery on February 12th, as reported by The York Press, indicates that the University of York faces a £15 million shortfall and plans to explore where staff cost savings could be made, suggesting “ring-fenced voluntary severance schemes in specific areas”. 

The Vice-Chancellor attributes the financial pressures in part to a “broken model of university funding” and to a steep drop in international student applications, underlining a fall in the same figures across other Russell Group institutions. 

The university confirmed plans to move out of King’s Manor last year

Professor Charlie Jeffery suggests that as the university took cost reducing measures last year, they are now “Less exposed than other universities”.

This comes following reports that the university’s deficit dropped to £6 million last year from £24 million in 2023.

Despite these financial pressures, the university says that it will not close any academic or professional services departments. However, just last summer, York saw the closure of four college receptions on campus. This was stated as an attempt to reduce estate expenses, meet a seven to eight per cent reduction in staffing levels, and contribute to a planned budget cut of £34 million.

Currently, the university will now also be taking action to raise income through increasing home undergraduate numbers, maximising new commercial opportunities, and growing online education. 

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A University of York spokesperson told The York Press, “We know this will be disappointing news for many in our community but addressing both income and costs will enable us to return to making a surplus and protect the quality of our research, teaching and the student experience here at York”.

Essentially, the University of York appears to be on a forward path in terms of reducing its large financial deficit.