University of York predicts losses of £100m due to Covid-19
This comes from a leaked internal communication
The University of York is expecting to lose £100m in income due to Covid-19.
This is according to a leaked internal communication, seen by Nouse.
The university is likely to lose £17.8m this academic year, whilst they are expected to lose another £84.4m in 2020/21.
If these projections come true, it means that the University of York will make 20 per cent less money than they expected to in 2020/21 before the Covid-19 pandemic.
Vice-Chancellor Charlie Jeffrey wrote that: “The message is that we [the University of York] are not facing just a short-term crisis, but one whose challenges will extend through the next academic year and beyond, and may well bring lasting change to the university sector.”
The Vice-Chancellor also added that the current figures “do not include any provision at this stage for the consequences of Brexit, possible increases to USS pension contributions, or the possible impacts of the Augar review on undergraduate fee income” and that “we must now urgently focus on protecting the immediate and long term future of the University by developing strategies to maximise income and control costs.”
The university has already begun implementing some cost-cutting measures, such as: a reduction in some university operations including temporary building closures and reduced maintenance, a pause on non-contracted or non-critical capital expenditure programmes for development of our estate, a freeze on non-business critical recruitment, a programme of non-essential spending reductions and savings from the halting of all domestic and international travel.
A University of York spokesperson told Nouse: “We have taken immediate action where we can to help mitigate the financial impact of the COVID-19 pandemic.
We are keeping the measures we have put in place under constant review and we will adjust our financial forecasting in response to new information on student recruitment or new Government policies.
Our key priorities are the wellbeing of our students and staff and to protect jobs wherever possible.”
Featured Image Credit: Stock Photo from SWNS