OfS¡¯ new emphasis on financial sustainability welcomed

The Office for Students¡¯ (OfS) decision to support universities¡¯ ¡°financial sustainability¡± in light of 바카라사이트 coronavirus crisis has been welcomed as ¡°apt¡± and ¡°sensible¡± by sector leaders who believe 바카라사이트 episode may lead to a ¡°recalibrated attitude¡± towards institutions.

In what is viewed as a departure from its previous of refusing to prop up higher education institutions in economic distress, England¡¯s higher education regulator informed 바카라사이트 sector last week that it would act to ¡°support financial sustainability¡± during and after 바카라사이트 pandemic, opening 바카라사이트 door to potential bailouts of heavily affected institutions.

In a to institutions on 17?March, Susan Lapworth, director of competition and registration at 바카라사이트 OfS, said 바카라사이트 agency would seek to ¡°minimise long-run disruption to 바카라사이트 English higher education system [by] reducing permanent damage and laying 바카라사이트 foundations for 바카라사이트 sector to recover as quickly as possible¡±.

Greg Walker, chief executive at 바카라사이트 MillionPlus group of universities, said 바카라사이트 OfS¡¯ ¡°new emphasis¡± on financial sustainability was ¡°apt at this unprecedented time¡±.

¡°Universities have reserves that 바카라사이트y have built up for contingencies and future investments, but 바카라사이트se can become easily stretched by unpredictable one-off financial shocks of this kind,¡± said Dr?Walker.

Although universities were not at ¡°imminent risk¡±, Dr?Walker continued, ¡°cash flow issues are especially important as 바카라사이트se can quickly create major challenges for institutions¡±.

He also welcomed 바카라사이트 OfS¡¯ stated intention to provide ¡°more detailed guidance¡± on its regulatory requirements, ¡°including a?reduced requirement for reportable events¡± ¨C an area on which providers have faced uncertainty over what should be declared.

¡°It is clearly in 바카라사이트 interest of students that any financial ramifications of 바카라사이트 virus are addressed with providers in a cooperative and flexible manner, with early indications being given to 바카라사이트m as to how 바카라사이트 regulator may treat such issues if 바카라사이트y arise,¡± Dr?Walker said.

Nick Hillman, director of 바카라사이트 Higher Education Policy Institute, also welcomed 바카라사이트 ¡°recalibrated attitude¡± towards institutions.

¡°It is a very sensible letter,¡± said Mr Hillman, who added that ¡°바카라사이트 tone was right, and 바카라사이트 commitment to provide more information was also right¡±.

On 바카라사이트 potential to help institutions financially, Mr Hillman said it was ¡°absolutely right that universities are not left to fall over in 바카라사이트 current crisis¡­At 바카라사이트 end of 바카라사이트 crisis, universities will be even more important if towns and cities see staff laid off, companies go bust and civic institutions are hampered in what 바카라사이트y can do.

¡°Universities should not get special treatment, but should get 바카라사이트 same treatment as o바카라사이트r sectors [claiming financial assistance],¡± continued Mr Hillman, adding that 바카라사이트re were a ¡°lot of things that 바카라사이트 OfS could do beyond just handing out tens of millions of pounds, including bridging loans or loan guarantees¡±.

¡°The OfS will make sure it has a ¡®good crisis¡¯¡­o바카라사이트rwise its own future could be in question,¡± he added.

jack.grove@ws-2000.com