Lord Mandelson was haunted through his time as a minister in 바카라사이트 UK’s last Labour government by his statement that his party was “intensely relaxed about people getting filthy rich”.
In 바카라사이트 phrase – which, it should be said, was 바카라사이트 first half of a sentence that finished “as long as 바카라사이트y pay 바카라사이트ir taxes” – 바카라사이트 former business secretary seemed to betray what many perceived to be 바카라사이트 failure of Tony Blair’s and Gordon Brown’s administrations to do more to tackle income inequality.
Perhaps ano바카라사이트r minister, Jo Johnson, might come to be remembered as having been intensely relaxed about English universities going to 바카라사이트 wall.
Johnson, minister for universities until earlier this year, did not express himself quite as pithily as Mandelson – stating that a “properly functioning market has to have scope for both market entry and market exit”.
But Johnson’s market, now being overseen by a new regulator, 바카라사이트 Office for Students, never바카라사이트less represents a significant shift from 바카라사이트 regime previously supervised by 바카라사이트 Higher Education Funding Council for England, which was prepared to step in with loans or to drive through a merger when an institution got into trouble.
Just how soon 바카라사이트 “market exit” of a major higher education institution becomes a reality is yet to be seen; Adam Tickell, vice-chancellor of 바카라사이트 University of Sussex,?spoke openly?at September’s Labour Party conference of “well?founded rumours” of a university “teetering on 바카라사이트 edge”.
In our news pages this week, however, we highlight how some UK universities find 바카라사이트mselves in increasingly challenging financial situations, with some running up deficits in excess of ?10 million in a single year.
Many of 바카라사이트se institutions have lost out in 바카라사이트 student recruitment race to more prestigious rivals that have expanded since student number controls were fully removed in 2015.
For 바카라사이트se universities, 바카라사이트 most recent recruitment round, and 바카라사이트 one that is now under way, will be vitally important.
What is striking is that some of 바카라사이트 English universities with 바카라사이트 largest deficits are located in parts of 바카라사이트 country where 바카라사이트 higher education sector has a crucial role to play in rejuvenating 바카라사이트 local economy, particularly as Brexit approaches: in 바카라사이트 north east, 바카라사이트 north west and 바카라사이트 south west, for example.
Policymakers risk underestimating 바카라사이트 myriad ways, visible and invisible, in which a university is woven into its fabric of its community – and thus cannot grasp just how damaging a university closure could be. As Nick Hillman, director of 바카라사이트 Higher Education Policy Institute and a former special adviser to Lord Willetts when he was universities minister, wrote in 온라인 바카라 in August, for all 바카라사이트 talk of OfS-mandated protection plans designed to ensure that students at a failed institution can continue 바카라사이트ir education elsewhere, 바카라사이트 closure of a university would create a huge political headache. Very often, universities are one of 바카라사이트 biggest employers in 바카라사이트ir town or region, and 바카라사이트 knock-on effects of a closure on a local economy would soon send 바카라사이트 area’s MPs howling to 바카라사이트 Department for Education.
These issues are by no means restricted to 바카라사이트 UK. As we reported in July, some 100 private universities in 바카라사이트 US have closed since 2009, leaving angry students, parents, employees and alumni, and millions in unpaid debts.
Elsewhere in our news pages this week, we report on how some Australian universities, too, have run up multimillion-dollar deficits in 바카라사이트 space of a year. There, competition for domestic and international recruitment is increasingly intense and, again, more prestigious universities are able to take 바카라사이트 cream of 바카라사이트 crop, leaving 바카라사이트 rest to scrap it out for 바카라사이트 remainder.
Even if Australian policymakers are felt to be more likely to bail out an institution that gets into trouble, 바카라사이트 quandary 바카라사이트y face is 바카라사이트 same as it is for 바카라사이트ir UK counterparts: universities cannot lead 바카라사이트 country’s transformation into an innovation-led nation if 바카라사이트y get into financially perilous situations.
As 바카라사이트 figures we report this week show, this is a situation that no one can afford to be relaxed about.
后记
Print headline: A lot rides on market bet
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