University funding announced
The funding council has announced final figures for this and next year’s grants for teaching and research, with an overall reduction over the two years of 5.7%, or just over £8m, in our core funding.
Our overall grants this year and next are £137.7m and £134.2m, broadly in line with our budget predictions and plans.
Support for teaching this year, as anticipated, has been cut by 2.8% to £86.8m, with protection for widening participation and improving retention funding. Research funding is down 1.7% to £49m, slightly greater than we expected, as it was assumed that reductions would only be applied to mainstream quality-related research (QR) funding when, in fact, they have been applied to all elements (including charity QR, business research and funding for the supervision of PGR students).
Further significant cuts in our HEFCE funding are expected in the order of £20m in 2012/13, £17m in 2013/14, £14m in 2014/15 and £10m in 2015/16; it is anticipated that these will be replaced by funding from undergraduate fees.
Read more about the HEFCE grant letter in the FMG paper (campus only)