University of Derby - VAT cut brings staff bonuses

The recent cut in the rate of VAT has prompted the University of Derby to give staff up to £100 in shopping vouchers, to a total value of £211,000. It says the reduction from 17.5 per cent to 15 per cent will bring the university £500,000 in cost savings. The university will use £250,000 to offer training courses to local businesses hit by the economic downturn. A further £39,000 will be spent on building tennis courts and employing a sports officer. John Coyne, the vice-chancellor, said, "The scheme is our way of rewarding staff for a successful year."