* Staff at the University of Newcastle are being offered a Christmas present of an extra day's holiday this year as a thank you for boosting income to a record £200 million.
The university said its restructuring programme was making its operation more competitive through voluntary severance and the merger of 78 departments into "super-schools".
The overall deficit of £2.6 million was much less than anticipated, according to a statement from vice-chancellor Christopher Edwards. He has given staff the day off on Monday, December 23.
Research income had grown 12 per cent and overseas fees were up 17 per cent, Professor Edwards said.