St Andrews University facing £25 million funding hole

The University of St Andrews is facing ‘as serious a financial crisis’ it has faced in modern times, its principal has warned.

In a letter to students and staff, principal professor Sally Mapstone said the university is facing a £25 million hole in its financial position and warned it will have to take some ‘difficult decisions’ about its future.

The sum is largely made up of losses in research grants through the lockdown period, the loss of conference and accommodation rentals over the summer, and its decision to release students from their accommodation contracts.

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However, it does not also take into account further losses to revenue anticipated as the COVID-19 crisis continues.

Professor Mapstone wrote: “We welcome the fact that the Scottish Government has acknowledged the scale of the financial crisis facing HE in Scotland, but we should not assume that aid will be forthcoming, or in the quantities that we require, given the devastation and raw need we are witnessing in other key sectors of our economy, and society.

“Let me be very open with you; there is no magic money pot in St Andrews. We must plan to do this by ourselves, with what we have at hand.”