"I do fail to see why universities should receive less money whilst bankers are once again receiving huge bonuses . I believe it was the bankers, not the universities which caused the credit crunch. "
Given you're an academic with fine skills of precise meaning and writing, one would have thought that "the bankers" would be a bit of a blunderbuss for you.
There are two sorts of bankers here (there are others, but for this taxonomy, two will do). There are investment bankers, who buy and sell securities on their own behalf, and there are retail banks, who take deposits and give loans.
The bankers who are getting the bonuses are, as they always have been, the investment bankers. Your local high-street bank manager doesn't get this sort of bonus.
The bankers who had to be bailed out were the retail banks.
The largest of the bailouts, HBOS / LTSB doesn't have an investment arm of any scale.
HBOS got into trouble because instead of lending money based on deposits, it lent money that it got on the credit markets. Those credit markets lend for a few months or years, but mortgages are 25 years and more. When the investment banks screwed up, that market dried up, so HBOS were illiquid. By one definition of insolvency (ability to pay debts as they fall due) they were insolvent, by others (assets vs liabilities) they were probably OK. But they had run out of cash, so they were functionally bankrupt.
In the US, post Glass-Steagal, there are combined retail/investment banks that did go down. But in the UK the bailouts were for retail banks that suddenly couldn't get any cash. Northern Rock didn't fail because it was playing at being an investment bank; it failed because it was borrowing money from a market that pretty much ceased to exist.
(Collaterised Debt Obligations don't help, and so to an extent NR was playing at investments, but I don't think that was the real reason for its failure).
If you want to stop retail banks from borrowing on credit markets, fine. But mortgages can then only be given from the cash that depositors place with the institution, and you'll see a massive reduction in mortgage lending if that happens. Separating investment and retail banks would be a good idea, and repealing Glass-Steagal and its UK equivalents would be good, but that wasn't what went wrong here.
Investment banks weren't bailed out in the UK, so that they are paying bonuses is nothing to do with the UK government. Retail banks were bailed out, and they aren't paying bonuses of any scale, nor did they ever do so.