The Great Debate UK
–Priyamvada Gopal is a University Senior Lecturer at the Faculty of English and Fellow of Churchill College, University of Cambridge. The opinions expressed are her own.–
The once highly-regarded British public university is not quite dead but it is in terminal care. After half a century of global success on public funding that amounted to less than 1.5% of Britain’s GDP, in the space of two years we’ve seen the partial withdrawal of the state from the sector, and it is expected that this is a precursor to full withdrawal followed by extensive privatisation.
With the overnight tripling of tuition fees in 2010 (in the face of widespread protests) and with further rises in the offing, the student has been reframed as a consumer buying private goods in the form of a degree. Combine this with a mortgage and you have a large number of citizens who are unlikely to be debt-free at any point in their life.
Formerly known as a university, the service provider of higher education is now to sink or swim in response to the pressures of competition, as degree-awarding corporations rather than sites of inquiry and learning. Ironically, however, it turns out that the new fees regime which David Willetts, the Universities Minister, keeps bizarrely insisting is fairer than the previous one, is actually costing the exchequer more, through the rising costs of subsidising student loans.
By Sanjeev Sinha
Media coverage of the banking industry was once confined to newspapers’ business pages, but has now spilled over to headline coverage. Recently the remuneration of bankers has been treated with even more interest than the salaries of top football players.
Yet while newspaper readers have become familiar with the LIBOR rate and discussions about cash reserves, there has been a long process of banks restructuring operations that has nothing to do with mergers or nationalisation. A behind-the-scenes revolution has been taking place, driven not only by the need for cost saving but, more importantly, to improve efficiency, and enable them to compete in global markets. Increasingly, banks have been looking at outsourcing a wider range of functions as a response to global market challenges.
from The Great Debate:
Outsourcing, Indian-style, is challenged as never before by an erosion in business confidence that makes corporate spending, even to generate quick cost-savings, harder to justify.
"No New Investment" is the order of the day; cost avoidance, the mantra; zero percent, the growth target in the current era of uncertainty.