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Universities to get funding boost Universities to get funding boost
(about 5 hours later)
Universities in England are to benefit from a new multimillion pound charitable funding scheme similar to that used by universities in the US.Universities in England are to benefit from a new multimillion pound charitable funding scheme similar to that used by universities in the US.
Former students who donate money will see their gifts boosted by public funds, under plans to be to be announced by Prime Minister Tony Blair.Former students who donate money will see their gifts boosted by public funds, under plans to be to be announced by Prime Minister Tony Blair.
The Observer reported the government plans to give £1 for every £2 raised by donations, up to a maximum of £2m.The Observer reported the government plans to give £1 for every £2 raised by donations, up to a maximum of £2m.
A Downing Street spokeswoman could not confirm the figures in the report.A Downing Street spokeswoman could not confirm the figures in the report.
PhilanthropistsPhilanthropists
But she said said the aim was "to create a lasting culture of giving, while boosting funding from former students". But she said the aim was "to create a lasting culture of giving, while boosting funding from former students".
Like endowment schemes in the US, it is also expected to attract cash gifts from businesses and philanthropists.Like endowment schemes in the US, it is also expected to attract cash gifts from businesses and philanthropists.
The Observer reported that England's top 75 universities will be eligible for the scheme while the rest will be given money to help set up fundraising centres.The Observer reported that England's top 75 universities will be eligible for the scheme while the rest will be given money to help set up fundraising centres.
Mr Blair will also pledge the new scheme will not replace existing funding methods for higher education when he reveals the plans this week.Mr Blair will also pledge the new scheme will not replace existing funding methods for higher education when he reveals the plans this week.
Universities in the US use endowment funds worth billions of pounds to help students from disadvantaged backgrounds pay fees.Universities in the US use endowment funds worth billions of pounds to help students from disadvantaged backgrounds pay fees.
Harvard received about $300m (£153.8m) worth of donations from 89,000 individuals last year to add to its total endowment of almost £15bn (£7.7m).Harvard received about $300m (£153.8m) worth of donations from 89,000 individuals last year to add to its total endowment of almost £15bn (£7.7m).
More than half of the donations were of less than $100 (£51m).More than half of the donations were of less than $100 (£51m).