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Professor Stephen Toope has shot down calls from the Office for Students (OfS) that proposed the move in an effort to restore public confidence. Mr Toope said: “People don’t understand how a vice-chancellor’s job has evolved. “I am essentially responsible for £1billion a year turnover, 11,000 employees, 19,000 students, and am in the lead to complete a £2billion fundraising campaign. “I am searching for all possible sources of income, while developing the international reputation of the university, working with business, government and civil society to develop partnerships, while being responsible for operations and the entity of the university.”

CU • GETTY Professor Stephen Toope has shot down pay cut calls from the Office for Students

The professor’s comments defend all university bosses who rake in £257,904 on average. Mr Toope continued to describe the pay cut calls being thrown his way as a national mistake. He told The Times: “One thing I can say having recently moved here, the higher education system in the UK is the envy of world. “The UK has attracted generation after generation of people from all parts of world as the universities are very strong, and Cambridge is at the pinnacle.

Top 10 universities for producing millionaires Thu, August 17, 2017 Top 10 universities in the UK: From Cambridge to Manchester, see which universities have made the most millionaires according to Verdict. Play slideshow Getty Images 1 of 11 Top 10 UK universities for producing millionaires

“I very much hope the government realises what a tremendous national asset this is for the UK.” The professor hopes that the issues of pay will not result in a broader move to cut vice-chancellors pay in an effort to satisfy those who have complained about the massive salary sums. He stated: “I think it is not a good idea, to be frank, because what it does is reaffirm the sense that the UK is not operating in the open market for global talent.”

CU The new vice-chancellor of Cambridge University has stated that he will not take a pay cut

GETTY Students starting university this year will find themselves in an average of £50,800 in debt