sector

Vivienne Stern, chief executive of Universities UK, which represents 140 institutions, says universities are already "making tough choices to control costs", adding that the sector "needs to continue evolving".

"Large funds need substantial, reliable projects to generate returns, but the market may struggle to offer enough of these opportunities, especially in the infrastructure sector," said Jon Greer, head of retirement policy at wealth manager Quilter.

Dafydd Rhys is calling for statutory funding for the sector from the Welsh government.

The report has been published, Mr Rhys said, “as an advocacy tool” to fight for the sector and its funding.

Elizabeth Atherton, an opera singer, said she had “no confidence” that the Welsh or UK governments were taking the matter seriously enough and said morale within the sector was "at an all-time low".