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Universities in the UK are reportedly bracing to lose more than £100million as foreign students cancel their studies due to coronavirus.
According to The Guardian, prestigious educational institutions are now planning for a 80-100 per cent reduction in the numbers of foreign students. In response, the higher education sector is now expecting to lobby the government for a cash injection that could be equivalent to billions of pounds.
While universities are already planning online courses for the start of the next academic year, many institutions are said to be worried about the mounting cost of newly built facilities which are often designed to attract the support of overseas students.
In a new blog for the Higher Education Policy Institute, Andrew Connors, head of higher education at Lloyds Banking Group, wrote: “Many institutions are modelling reductions of between 80 per cent and 100 per cent in international student numbers. Every university we have spoken to expects to be impacted and for some the potential loss to income is projected to be greater than £100million. And that is before you factor in that losing new students has a multi-year impact.”
The Office for Students, which regulates higher education, has since asked universities to voice their fears if they expect to run short of cash within 30 days.
The stark warning comes as coronavirus continues to grind daily life to a halt in the UK.
As well as education, it has led to the widespread cancellation of gigs and events and festivals – including All Points East, The Isle Of Wight Festival and Download, Parklife, Lovebox and many more. Other events such as Live At Leeds and Liverpool Sound City have been rescheduled until later in the year.
This weekend, a US health official claimed that festivals and concerts might not be able to return until Autumn 2021.
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