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In December, the University of Bolton changed its name to the University of Greater Manchester following approval from the OfS.

The OfS, which regulates higher education providers, said universities were closing courses and selling buildings to cut costs, but "significant reform and efficiencies" were needed to turn the tide.

Their financial plans predict that more than half of the growth in their income up to 2028 will come from international students - but the OfS warned that this was optimistic.

The OfS said it was working with a small number of institutions where it had particular concerns about financial viability.

Philippa Pickford, director of regulation at the OfS, said no medium or big institution was close to the brink and it was working with the government to draw up a failure regime.