内容摘要：Mr Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.

Mr Sunak said: "I passionately believe that those who have worked hard all their lives should have peace of mind and security in retirement.

In an all-staff email, the university's principal, Prof Iain Gillespie, said it was planning for "a significant deficit" in the wake of "an extremely challenging period" for the UK higher education sector.He said despite a recruitment freeze and reducing operational expenditure, the university was still looking at a deficit of between £25m and £30m next year.

Academic union Dundee University College Union (DUCU) said it was "outraged" at the news after previously receiving "reassuring verbal updates."The university currently employs more than 3,000 people.Prof Gillespie told staff: "We must take further action now to address our financial stability and long-term future.

"Given the profile of our costs, it is inevitable this will mean a reduction in our staffing levels."This will be a very difficult period, certainly for this financial year and next."

One staff member told BBC Scotland News: "The freeze on staff recruitment and the non-filling of vacancies will over-burden an already demoralised staff, and the threat of redundancy makes things even worse.

"Staff who are on precarious temporary sessional contracts will be the most affected by this initially.Meanwhile, the yield on a 10 year bond surged on Wednesday to its highest since October 2008, to reach 4.784%.

The government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest.One of the ways it can borrow money is by selling financial products called bonds.

A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments.UK government bonds - known as "gilts" - are normally considered very safe, with little risk the money will not be repaid.