Financial Response to Inflation Challenge

Protecting Oxford’s financial health

About the University’s response to rising inflation

The economic outlook for the United Kingdom has deteriorated sharply over the last twelve months.  Inflation is at a 40-year high, driven by soaring energy costs, other commodity inflation and, to a lesser extent, rising pay costs. 

High inflation and energy costs are likely to be with us for a considerable time. The Bank of England is forecasting that the UK is likely to enter a recession, with growth rates remaining low thereafter. 

The cost of the University’s people, consumables, supplies, energy, grants and bursaries will all increase significantly

As a result, unless urgent action is taken, the University is likely to have a significant financial deficit in the years ahead.

Inflation Mitigation Group (IMG) was established in October 2022 to coordinate the University’s response to rising inflation.  The group is chaired by Mr Simon Boddie, Chief Financial Officer, and reports to Planning and Resource Allocation Committee. The full membership is as follows:

Name Conditions of Appointment 
Mr Simon Boddie Chief Financial Officer (Chair)
Ms Gillian Aitken The Registrar
Professor David Gann Pro-Vice-Chancellor (Development and External Affairs)
Professor Martin Williams Pro-Vice-Chancellor (Education)
Professor Anne Trefethen Pro-Vice-Chancellor (People & Digital)
Dr David Prout Pro-Vice-Chancellor (Planning & Resources)
Professor Patrick Grant Pro-Vice-Chancellor (Research)
Professor Matthew Weait Director, Department for Continuing Education
Dr Tracy Gale Divisional Registrar, MPLS Division
Mr Chris Price Divisional Registrar, Medical Sciences Division
Ms Alex Vincent Divisional Registrar, Humanities Division
Mr David White Divisional Registrar, Social Sciences Division
Mr Charles Alexander Chair of Estates Bursars’ Committee
Secretary: Planning and Council Secretariat (Kris Tiffen)

 

The group is developing a range of mitigations, designed to reduce costs and increase revenue in the 2022/23 and 2023/24 academic years – building on existing progress made across the collegiate University

It is also considering longer term initiatives to generate income and reduce costs – to improve the financial health of the University in the long term.