That was 7 years ago. No material increase in tuition fee charges in that time, but many many cost increases. Imagine an industry where you are only allowed to charge a set amount, but you still are liable to market forces, you have HE. The cost squeeze right now is mind boggling. Building projects have been massive in HE. The cost of switching to online in the pandemic was major. These surpluses dont last at all when your cost base is always outstripping your income.
Just to clear as well a surplus is never profit. Nobody can take a slice of it in dividends. There are clear guidelines, set in law, about how those are to be used. Every univeristy should run a surplus to allow investment when needed, many now are going the other way. In part I think the sector needs rationalising, and Sunaks announcement is a start. So long, like I say, we replace with good technical education routes like apprenticeships.