UK: Cash-starved university almost missed pay day

The University of Cumbria, which is nearly £30 million in debt, had to receive a cash advance from the Higher Education Funding Council for England, reports the BBC. The university is one of several institutions on an Hefce watch-list of vulnerable universities.

Union officials said when they were shown its books it looked like the university had run out of money. The university's vice chancellor said it received Hefce help, but now had a "credible business plan".

Earlier this year it was confirmed the university, which only opened in August 2007, was closing its Ambleside campus as part of a money saving programme that also saw the scrapping of plans to build a new £70 million headquarters in Carlisle, cuts in courses and the loss of 200 jobs.
Full story on the BBC website