Scotland's universities and colleges have called for tens of millions of pounds in additional funding as they battle to plug yawning deficits and what has been branded an “existential crisis” for the sector.
Financial pressures are so acute that six universities now anticipate having less than two months of cash reserves by the end of July next year.
Colleges are also facing severe liquidity problems, with projections that a third of institutions north of the Border will be operating with less than five days’ cash by the close of 2020-21.
According to estimates from the Scottish Funding Council (SFC), universities are on course to record an underlying operating deficit of £176.1 million in 2020-21 as public spending on teaching and research activity fails to keep up with costs.