The Office for Students published modeling showing roughly 124 English providers — about 45% of the sector — could report financial deficits in 2025–26 absent mitigating actions. The regulator tied the vulnerability to weaker-than-forecast domestic and international recruitment, especially at lower-tariff institutions, and warned of liquidity stress for dozens of institutions. The OfS said many universities remain overly optimistic in their forecasts and that growth this year fell short of provider projections. It highlighted a potential net reduction in tuition fee income and flagged 45 providers that could have fewer than 30 days of liquidity without remedial measures. Trustees, finance officers and sector bodies are expected to consider “radical” responses — from cost restructuring to consolidation and new revenue strategies — to avoid widespread service and program cuts across the English higher-education landscape.