National Union of Students ‘Will Go Bankrupt by April’

The National Union of Students held crisis talks last night as internal documents reveal the organisation is set to go bankrupt within five months. Their £500,000 overdraft facility provided by the Co-Op expired on 5th November and is “this is not being renewed”. In the context of a damning internal review of short-term cash flow, the NUS held a “Strategic Conference” where suggestions raised included making up to a third of staff redundant, putting restrictions on travel and subsistence, and doing away with full time student officers.

Available cash in hand for the NUS is projected to fall to -£39,000 in April, and fall to the full three million leaked to Guido by June 2019. The wider NUS Group has an annual deficit of more than £5 million.

Student officers have responded to the proposed fiscal restraints by mounting anti-austerity campaigns to prevent cuts, or any reduction in scope of the organisation, and have begun referring to the organisation’s £3 million deficit as “alleged.” They genuinely think that proposed austerity is a political choice, not a financial reality. Remind you of anybody..?

UPDATE: Guido has obtained the full internal review of short term cash flow forecasting. Read its damning conclusions here:

mdi-tag-outline NUS
mdi-timer November 29 2018 @ 08:17 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
Home Page Next Story

Comments are closed