内容摘要：Reynolds says that the "challenging international position" means the UK has to push its "genuine competitive advantage" as the "most connected market in the world" with the US, the EU and China.

Reynolds says that the "challenging international position" means the UK has to push its "genuine competitive advantage" as the "most connected market in the world" with the US, the EU and China.

He said: "The size of the financial gap that we need to close over the next 18 months is about 10% of our annual turnover – a similar percentage to that of many other universities."This has to be a recurring and sustainable reduction in our costs. For us, this is of the order of £140m. To put this into context, it costs around £120m a month to run the University of Edinburgh.

"To make these recurrent savings, we need radical university-wide actions, which will lead to a smaller staff base and lower operating costs."The university did not detail the number of staff reductions or if the plans involved compulsory redundancies.The message added that a review of all "capital expenditure" by the university – including previously approved projects – would now take place, and that "tough decisions and bold actions" would have to be made.

Sir Peter said the cuts could ensure the university was on a stable financial footing by 2026/27.The University and College Union (Scotland) called the news "shocking" and said it would harm the university's reputation.

UCU general secretary Jo Grady argued that Edinburgh should look to its net assets - which the union say are worth £3.1bn - to plug gaps rather cut jobs.

Ms Grady said: "Professor Mathieson needs to use the billions of pounds the university boasts in wealth to protect jobs, protect provision and protect the university's global reputation.A Welsh government spokesperson said they were "very disappointed that nursing courses form part of these proposals" and that it was "working urgently" to ensure the same number of nurses are trained in Wales.

They said they understood "the serious concern" the announcement will cause."Universities across the UK are facing a challenging financial period due to a range of factors and we expect all institutions to work with trade unions, staff and students on any proposals," they added.

The Royal College of Nursing said the proposal to shut the school of nursing "has the potential to threaten the pipeline of registered nurses into the largest health board in Wales".Ruth Jones MP, Chair of the Welsh Affairs Committee, compared the job cuts to a "canary in a coalmine" for the severe financial pressures facing universities across the UK.