Transcript:

Professor Sir Ian Greer:

A recent report shows that each year Queen’s makes a multi-billion-pound contribution to the UK economy.

The report, published by economics and policy consultancy London Economics, shows that the total economic impact of our university is more than £3 billion each year. It also reveals that activity related to research, knowledge exchange, and knowledge exports has an estimated annual impact of £1.5 billion.

Indeed, every £1 invested in Queen's generates £11 for the UK economy.

Further, the report also estimates that, on average, a degree from Queen’s is worth over £120,000 to the graduate, with a further benefit to the public purse of over £100,000.

Professor Archie Clements:

Queen’s is a key economic driver, propelling new and better jobs and contributing to the regional and national economies.

Professor Nola Hewitt-Dundas:

Not only through education and skills, but also through research and innovation, and our various spin-out companies.

Professor Archie Clements:

And yet Queen's faces significant challenges at present. Like all universities nationally, we face rapidly rising operational costs and the sharp decline in the numbers of international students seeking to come to study in the UK.

Dr Ryan Feeney:

However, University funding in Northern Ireland faces further challenges, as it is limited by the Maximum Student Number (MaSN) cap.

Further, the income we receive for teaching home students is less than the cost of actually teaching them. As tuition fees in our region have not kept pace with inflation for more than a decade, this adds to our financial pressures.

And these issues have been compounded by the increase in National Insurance costs introduced by the Chancellor of the Exchequer last autumn.

As a result the leaders of the Higher Education sector in Northern Ireland have called upon the Northern Ireland Executive to urgently address the Higher Education funding model to provide appropriate support to all Higher Education institutions in this region.

Additionally, there are other potential issues for this university in terms of international student recruitment that we are monitoring closely. Responding to the Government’s immigration white paper, published earlier this month, the Russell Group, of which we are a member, highlighted that: "reducing the length of post-study work on the Graduate Route will make the UK less competitive internationally," and that, while "We are awaiting further details of a proposed levy on international student income,[…] this will be a serious concern for universities".

Patrick Anderson:

Financial sustainability is a core enabler for the delivery of Strategy 2030. Put simply, without it we will not be able to deliver on our strategic objectives.

Like other universities in the UK, we've taken a number of steps to ensure that we operate in a financially sustainable manner. This means that we have to run the University in the most efficient and cost-effective manner whilst pursuing opportunities for growth and further development.

In terms of efficiency, as you know, we launched a VS Scheme earlier this year. I am happy to inform you that this Scheme has delivered on its financial objectives. In tandem with this, the University’s Management Board have targeted a range of exciting and innovative growth initiatives, which will underpin our strategic objectives and grow our revenue streams.

This twin track of driving efficient growth and continuing to invest in opportunities is at the very heart of this university’s ambition and will help us to return the University to a financial break-even position.

Professor Margaret Topping:

To sustain our operations in a challenging environment, we must also grow and vary our income. We are therefore driving forward projects to best position Queen’s to invest for the future and maintain a stable footing.

For example, we remain on track to become the first UK Russell Group university to open a campus in GIFT City, India, cementing our position as a leading global university intent on fostering international collaborations.

We will then re-invest the projected returns in core university activities, as a key component in supporting the University’s financial sustainability.

Patrick Anderson:

In conclusion, the University’s Management Board have developed an exciting and ambitious plan to safeguard the University’s long-term financial sustainability.

Professor Sir Ian Greer:

It's vital that we all understand the compelling reasons behind the changes that staff are experiencing at present, and that we continue to move forward together with a clear sense of shared purpose.

I hope this summary of the overall financial position is helpful to colleagues as we navigate change.

We look forward to discussing your thoughts, queries and concerns in more depth at the upcoming All Staff Sessions.