Vice‑chancellors in England warned that funding per university student is roughly one‑third lower than a decade ago after inflation and government cuts, and they said a new levy on international student fees proposed in the upcoming budget would worsen the squeeze. University leaders argued reductions threaten teaching capacity and student supports and could force program cuts or higher fees. The warning from England’s sector leaders immediately raises operational questions for international recruitment, curriculum delivery, and cross‑border partnerships as institutions balance budget gaps with commitments to research and widening participation.