In university financial terms, 2021-22, was another anomalous year in what is fast becoming a decade of them.
HESA’s finance data is a treasure trove for those seeking to understand how the sector weathered these and other storms. There’s so much in there – in fact – that we need to be quite selective about what we cover.
As large businesses exposed to international market conditions, to the policy “weather”, and to the court of public opinion, universities are subject to a range of potential financial pressures. It has already become a cliche to say that the sector faces a perfect storm.
The release of this latest data shows parts of the sector in rude health, while others are clearly beginning to struggle. Whereas you could argue that this is the market working properly, it is difficult to feel anything but sympathy for students facing a decline in the quality of their experience on a course that was truly world class when they started it, and for staff increasingly required to take on more work without the commensurate rise in pay or resources – especially as this financial strife is a policy decision rather than a natural disaster.
