Can universities still afford the higher education awards industry?

Can universities still afford the higher education awards industry?
At what is an extraordinarily challenging time for higher education, are awards ceremonies still an appropriate or prudent use of increasingly scarce university resources?
The shortlist for the 2026 Times Higher Education Awards has just been announced. More than 500 entries were received, with 125 finalists selected across 20 categories and the winners due to be announced at a ceremony in Birmingham on 26 November. Times Higher Education describes the event as the "Oscars of higher education" and argues that challenging times make it even more important to celebrate the people and teams transforming lives across the sector.
There is considerable merit in that argument. Congratulations should absolutely go to those shortlisted. Academics, professional services staff, technicians, researchers and university teams continue to achieve extraordinary things, frequently in extremely difficult circumstances. This is not an argument against recognising them.
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