ONE of Britain’s richest universities was accused of “academic vandalism,” today as it bids to close a £140 million black hole in its finances by cutting jobs.

Just weeks after University of Edinburgh bosses warned staff “nothing was off the table” as they looked to cut costs, principal Sir Peter Mathieson has announced that cuts equivalent to around 10 per cent of annual spending will be required to balance the books.

He warned: “To make these recurrent savings we need radical university-wide actions, which will lead to a smaller staff base and lower operating costs.

“We are also reviewing all capital expenditure — including previously approved projects — with a renewed lens of affordability.”

He acknowledged workers would find the threat of losing their livelihoods “understandably difficult,” offering the solace that the university would “emerge as a stronger institution” afterwards.

But the University and College Union (UCU) has called on the university to look to its £3.1 billion reserves — surpassed in Britain only by Oxford and Cambridge — to plug the gap.

UCU general secretary Jo Grady said: “The University of Edinburgh is one of the oldest and richest institutions in Scotland with endowments stretching back through the centuries, so management’s threat to make cuts of this size is shocking.