UCU response to reports of universities' financial difficulties

UCU said it was difficult to overstate the importance of a university to its local economy. The union was responded to reports that universities were in financial difficulties and relying on loans to "stay afloat".

UCU head of policy and campaigns Matt Waddup said: 'A university going bust would have a devastating impact on staff, students and the local area. Along with schools and colleges, universities are the beating heart of their local communities and it is difficult to overstate just how important the spending power of staff and students is to local economies.

'If we are serious about our higher education sector continuing to compete on the global stage then we need to ensure all parts of it are properly supported, not anticipating its premature demise. Places like India and China are expanding their universities, not sitting by and watching institutions go to the wall.'