How can you make savings of £100 million while maintaining institutions recurrent teaching grants in cash terms?
As requested by the Government, we will be reducing funding for ELQs by approximately £100 million by 2010-11. We are also proposing to provide ‘safety net’ funding, which will ensure that no institution’s recurrent mainstream teaching grant falls below its comparable 2007-08 level. These plans are compatible because we can maintain institutions’ teaching grants in cash terms while still making real-term reductions. Suppose, for instance, that a hypothetical institution has a teaching grant of £100 million, and that inflation is expected to be 2.7 per cent per annum. By maintaining this institution’s grant at £100 million we would make real-term savings of £8.3 million over a three-year period. In other words, £8.3 million is the sum that we would have allocated if we had uplifted the institution’s grant with inflation.
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