That's quite a bleak read, but the author only alludes to the underlying problem. Whilst finding has become increasingly problematic for UK universities, they have been sluggish at reducing waste. The use of management consultants has always been a means to indemnify the decision makers who can't figure it out for themselves.
I still can't see the merit in cutting academic positions, rather than central admin positions, though. Having held one of those positions once, way back in time, I have direct experience how how little some people do for their salaries. I felt fairly pointless in my role, and I could identify possibly half of the people in similar roles scattered though the university who achieved even less.