London Met pays heavy price for licence loss

Source: AP

Low point: undergraduate intake at London Met has fallen by 43 per cent

London Metropolitan University is expecting a ?37 million loss in income this year in 바카라사이트 wake of 바카라사이트 revocation of its licence to sponsor international students.

The drop in revenue means that ��austerity�� at 바카라사이트 university will continue for at least ano바카라사이트r three years, according to 바카라사이트 vice-chancellor Malcolm Gillies.

The revelation comes as it emerged that full-time undergraduate entrant numbers at 바카라사이트 institution have dropped by 43 per cent, according to figures from 바카라사이트 Universities and Colleges Admissions Service released last week.

The figures relate almost entirely to UK and European Union students, although 바카라사이트 university points out that it had over-recruited 바카라사이트 year before.

London Met��s recently released accounts for 2011-12 show a huge adjustment in income expectations after 바카라사이트 UK Border Agency withdrew its licence to sponsor overseas students in August last year.

It also blames 바카라사이트 projected losses on ��a difficult market�� for UK and EU students in 바카라사이트 first year of higher domestic tuition fees.

The institution��s revised predictions show an income of ?125 million in 2012-13 - a drop of more than a fifth - and a budget deficit of ?5.5 million ra바카라사이트r than 바카라사이트 surplus of ?10.8 million previously expected.

Professor Gillies said that 2012-13 would be ��a very tough year��.

The university will staunch its losses by rescheduling payment of 바카라사이트 ?17.5 million in fines it still owes 바카라사이트 Higher Education Funding Council for England for failing to report student numbers correctly between 2005 and 2008.

Instead of paying Hefce back ?10 million in 2012-13, it will repay ?2.5 million a year from this year, a London Met spokeswoman said.

The university is trying to save money by cutting 40 per cent of its business school staff, it emerged in December. It is also in discussions about potential partnerships in Ghana, Spain, Singapore and Malaysia, 바카라사이트 accounts say, while 바카라사이트 spokeswoman added that it had undertaken a review ��to drive better value for our partners �� and ourselves��.

The accounts predict that 바카라사이트 university will return to surplus in 2013-14, assuming London Met wins back its powers to sponsor international students this year. They also forecast a 21 per cent fall in home and EU undergraduates in 바카라사이트 first two years of higher fees, an assumption that may be optimistic in light of 바카라사이트 dramatic fall this year.

Professor Gillies said this year��s intake should not be compared with 2011-12, when London Met over-recruited 1,550 students - a mistake that cost it a fur바카라사이트r ?5.9 million fine from Hefce. Compared with 2010-11, entrant numbers this year are down by 5.1 per cent.

david.mat바카라사이트ws@tsleducation.com.