![]() ![]() The government has set an inflation target of 2% - but it currently sits nearly four times that at 7.9%. We've got more to do next year and we will do it." "I think it will come down quite substantially by the end of the year. But we've got to get inflation back down to the target now," Mr Bailey said. "I'm very aware that this is difficult for households. While the 0.25% rise was a hefty one, it was not as large as some economists predicted, which suggests the Bank is seeing the high rates having an impact on reducing inflation.īut that doesn't stop the negative impact the increased rate will have on millions of people across the country - particularly low-income borrowers. Speaking to Sky News after the Bank raised its base rate for the 14th time in a row, its governor said he is "more confident now that inflation is on the way down". The Bank of England is aware the economic situation for households is "difficult" but it must get inflation down - that's the message from Andrew Bailey following today's interest rates rise. "But if you look at the research grant, the loans, the money we give – £1.5bn Strategic Priorities Grant plus the £750 million on teaching facilities – universities get £40bn a year." That doesn't mean there aren't some, and I know OfS is investigating some… and I completely get the challenges that are being faced. It said there were increasing pressures on university budgets due to inflation, and that the current fee is now worth only £6,600 compared with prices in 2012/13.īut Mr Halfon said: "If you look overall, the vast majority of universities are in good financial health. Universities UK (UUK), which represents 140 institutions across Britain, had called for a "national conversation" on funding for higher education. He said he would not want to put further pressure on students already struggling with costs. Robert Halfon, minister for skills, apprenticeships, and higher education, told Times Higher Education there was "no way" he would advocate for tuition fees to be pushed above the £9,250 current level in England. The government's universities minister has insisted tuition fees will not be increased while the cost of living crisis continues. ![]()
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