Multi-annual funding is needed to provide certainty for higher education, says Cork Chamber

Cork Chamber, the voice of business in Cork, supports the call from Sean O’Driscoll, the Chair of UCC’s Governing Authority, for the introduction of structured, multi-annual funding for the higher education sector. Current uncertainties around funding prevent third level institutions from developing and delivering the long-term strategies needed to maintain and enhance Ireland’s competitiveness into the future.

Conor Healy, CEO of Cork Chamber, commented, “Cork Chamber has raised the issues regarding the funding difficulties faced by universities and third level institutions through our pre-budget submission 2025 and as recently as last week with Minister for Finance Jack Chambers TD, but the situation outlined by Mr O’Driscoll gives rise to even further concern.

“Education has been a game-changer for Ireland in recent decades, enhancing the skills of the workforce, attracting investment into Ireland and growing Ireland’s prosperity. Talent is one of Ireland’s key pillars in attracting and retaining FDI and is crucial to the success of indigenous firms.

“Ireland’s critical infrastructure, education included, must be properly supported by multi-annual funding structures that facilitate long-term planning and strategic thinking. Higher education is suffering from a well-publicised funding gap of €307 million at present, which severely hampers the ability of third level institutions to expand and plan for the future.

“The National Training Fund (NTF) currently has a surplus of at least €1.5 billion, which could and should be deployed to support multi-annual funding plans and strategies for further education. Ireland’s competitiveness hinges on its ability to ensure the provision of a highly-skilled and talented workforce; unlocking the surplus in the NTF and providing greater certainty for higher education through multi-annual funding plans will play a critical role in driving Ireland’s future competitiveness.”