What will happen if the Schemes do not deliver the cost savings needed?
The College anticipates a reduction of 6% year on year in HEFCE and Research Council funding until 2015. To maintain a sustainable and stable financial position during this difficult period the College is taking a number of steps to reduce its staff costs including freezing some vacancies, reducing overtime and expenditure on some allowance payments. The outcomes from the Schemes will be kept under review on an ongoing basis. If cost savings are not realised, or likely not to be realised, other options will need to be considered including, potentially, compulsory redundancy.
