The University of Cambridge has announced that all undergraduate exams will be cancelled as a result of the ongoing staff strikes, with finalists to be automatically awarded a 2:i grade.

The dramatic decision, announced this morning by Stephen Toope, vice-chancellor of Cambridge, comes ahead of any clear outcome from the latest round of national talks.

Toope admitted the measure was “extreme”, but said it was “the only way to prevent students potentially wasting their time by pointlessly studying given continued uncertainty”.

Today’s announcement – which will see all other undergraduates automatically progress into the next year of their studies – is expected to be echoed by other universities ahead of further walkouts.

Despite the cancellations, the University’s statutory terms of residence mean all students will have to remain in Cambridge for the entire term. This has already led to widespread confusion within the student body.

“How am I supposed to know what to do with myself now that I don’t have to spend fifteen hours a day in a library for eight weeks?” one HSPS finalist asked.

Another student, who wished to remain anonymous, told Varsity, “as an English student, doing no work and getting a 2:i was what I signed up for, so I can’t say I am disappointed.”

The decision poses a particular problem for the Faculty of Mathematics, which usually awards the prestigious title of of ‘senior wrangler’ to the student who gains the highest marks in the Maths Tripos. Senior Faculty sources suggested that the title will now be awarded to the Mathmo who can sustain a conversation with another human being for the longest period of time.

The cancellation of exams is set to majorly affect the local economy. The Sidney Street branch of Sainsbury’s issued a profit warning after predicted sales of cava slumped overnight, as students were left scrambling for new reasons to spray each other with cheap sparkling wine.

“Between the collapse of the cava market and the fact that students will no longer be buying vast quantities of junk food to stress eat, we are really going to struggle”, a spokesperson said.

Despite frustration in some quarters at the cancellation of exams, Peter Tompkins, creator of the Tompkins Table, has expressed his relief at the decision, saying “I’ve compiled the table since 1981 and this is going to be the easiest one yet!”

Trinity College, however, is said to be outraged at the decision, and has begun lobbying for all of its students to be given a new degree called a “2:05”, which will be deemed slightly better than an 2.i. A fellow at the college, Dr Richard Oldman, told Varsity that the move was necessary to help Trinity students “continue to assert their rightful superiority over everyone else”.

The growing community of would-be social media influencers in Cambridge are particularly worried about the potential likes and shares they could be missing out on.

“It’s such a shame because of all the aesthetic revision Instagram posts I had planned,” one said. “I had just bulk bought pastel stationery to artfully scatter on my desk and have been practising my calligraphy lettering for months.”

“How am I supposed to make others feel inadequate about their work now?”, they demanded.

The decision is bold and unprecedented one, but with most consulting jobs requiring a 2:i, the real question is whether today’s decision will actually make any difference at all for a vast majority of Cambridge finalists.