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: