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Universities to get funding boost Universities to get funding boost
(about 7 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.
It's reported that the government plans to give £1 for every £2 raised by donations, up to a maximum of £2m. The government plans to give £1 for every £2 raised by donations, up to a maximum of £2m.
Downing Street would not give details ahead of the Prime Minister's speech. Students and academics have given a cautious welcome to the proposals.
Philanthropists Downing Street would not give details ahead of the Prime Minister's speech, which is expected on Thursday.
But a spokeswoman said the aim was "to create a lasting culture of giving, while boosting funding from former students".But a spokeswoman 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 would be eligible for the scheme while the rest would be given money to help set up fundraising centres. Harvard has a total endowment of almost £15bn and last year received £300 million in donations from 89,000 individuals.
Mr Blair will also pledge the new scheme will not replace existing funding methods for higher education when he reveals the plans this week. Funds are often used 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. It is understood England's top 75 universities would be eligible for the scheme while the rest would 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.
He will be continuing work begun last year, when the government announced it would give £7.5 million in matched funding over three years to help 27 universities in England to set up development offices to increase income from private donations.
The National Union of Students tentatively welcomed the plans, but warned that taking on American-style university funding and fees structures wholesale would be a mistake.
NUS vice-president Wes Streeting said: "NUS recognises that at a time when increased funding is desperately needed, government commitment to match voluntary donations for a large number of universities and to assist others in building fundraising capacity is a positive step.
"However NUS remain committed to lobbying for greater, direct public expenditure to ensure quality as well as to prevent the cap on fees being lifted, and we sincerely hope that American-style fees are not announced to match American style additional fundraising mechanisms."
Academics in the University and College Union (UCU) welcomed the promise of extra funds but said what was most needed was an increase in the level of the country's Gross Domestic Product spent on higher education.