Budget Cuts Hit LBS

A UK government funding body announced massive budget cuts across most English universities yesterday, with London Business School coming out as the biggest loser and down nearly 12% in cash terms over 2009.

According to the Financial Times, LBS faces the sharpest reduction because of its lack of teaching and research in science subjects, whose funding is protected at the behest of ministers.

In announcing the news, Sir Alan Langlands, chief executive of the Higher Education Funding Council for England (HEFCE), said: “Managing in times of financial constraint is not easy, but we believe that universities and colleges will continue to meet the needs of students, users of research and the wider community as they have done in the past.”

What impact will these bracing budget cuts have for the future of business education in the UK? For now, it’s a wait-and-see situation, but The Independent does an excellent job of explaining where these cuts fall, to what extent students and lecturers will suffer, and, most importantly, how Britain’s global standing will be affected.

(LBS image courtesy of Flickr user Mathew Black, CC 2.0)

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