Is The ICAEW Facing Long Term Decline?

Given the news today that the ICAEW is to make redundant a number of staff in order to reduce costs:

http://www.accountancyage.com/accountancyage/news/2238774/regional-staff-axed-institute-4525566

is it not the case that the ICAEW is being seriously squeezed by its chartered competitors, most notably the ACCA who are seeing strong growth in both student and membership numbers, whereas the ICAEW has seen student numbers fall significantly in the past decade.

Indeed, it looks likely that the ACCA will become the largest chartered body in the next 12 months in terms of membership, a boast which the ICAEW has been proud of for over 100 years.

If indeed the ICAEW are in long term decline is there anything they can do to reverse it?
Paul