UK universities need to “reassess their priorities” and divert funds from surpluses and capital spending projects to invest in their staff instead, according to the University and College Union (UCU).
An analysis of financial data conducted by UCU identified that institutions had accrued a £3.4 billion surplus in the 2020-21 financial year – although the universities of Oxford and Cambridge accounted for half of this.
The union claimed the excess money was generated by its members through their teaching and research and so should be spent on bigger pay rises, bringing staff onto permanent contracts and restoring pension benefits.
