The University of Essex has announced to reduce its staff by a huge number of workers in a series of measures to ensure “medium-term financial sustainability”.
In a financial update, which was published on November 28, the university revealed that it is facing a shortfall in its budgeted income of approximately £29 million.
The university, which has campuses in Colchester, Southend and Loughton needs to take these drastic measures to generate a cash surplus of two per cent by July 2027.
Due to a decrease in international students coming to study in Essex, and the UK in general, a vital source of funding has been decreased, the university said.
A spokesman said: “This is a testing time for the higher education sector, with many other institutions facing similar or worse situations.
“Thanks to our prudent financial management over the past few years, we have weathered the storm better than many.
“But inaction by government on the higher education funding regime and the impact of earlier political decisions affecting international students, have contributed to the current situation which is placing considerable strain on universities.
“Our commitment to excellence in education and research, and providing a transformational student experience, will always remain central to Essex.
“We are working to minimise the impact of these changes on our staff and our students.
“We are engaging with our community throughout this process, and we will continue to provide regular updates.
“We are confident that by taking these steps now, we will place the university on a stronger footing for the future.”