New scheme introduced to help English universities in financial difficulties

Universities facing severe financial difficulties as a result of the coronavirus will now be able to apply for further Government support, the Education Secretary announced today.

Gavin Williamson has announced details of a new restructuring regime, specifically for higher education providers, such as universities and colleges in England, that could be at risk of insolvency. The scheme aims to support the important role universities play in their local economies, and preserve the country’s science base.

Eligible providers will be able to seek this additional support to develop cost effective restructuring plans with conditions designed to focus the sector towards the future needs of the country, such delivering high quality courses with good graduate outcomes.

Williamson said: “We understand the challenges universities are facing, which is why we have already provided a range of support to ease financial pressures. This new scheme will help those who are still facing financial difficulty as a result of COVID-19.

“As the country recovers from the pandemic we must look to the future, and our world-leading higher education has an important role to play in our success.

“We need our universities to achieve great value for money – delivering the skills and a workforce that will drive our economy and nation to thrive in the years ahead. My priority is student welfare, not vice-chancellor salaries.”