Universities and colleges in England are to lose 13% of their funding immediately, following confirmation from the funding body HEFCE on 2 February.
Total funding for teaching and research will fall by £940 million in 2011/12, once changes to various funding streams are incorporated.
As usual, the government has massaged the figures somewhat to produce a headline figure (in this case 9.5%) that appears lower. In fact, once inflation is factored in, the sector is staring at immediate cuts in excess of 15%.
Total funding for capital projects will fall by huge amount - over 50% - whilst the science budget and research are also hit.