§ Mr. RookerTo ask the Secretary of State for Education what proposals he has to further broaden the funding base of higher education from industry.
§ Mr. Boswell[holding answer 12 April 1994]: British universities received some £1.25 billion from private sources in 1991–92—just over a quarter of their total income. Private income, which includes income from industry for a range of services, has grown by some 70 per cent in real terms since 1985. In addition to income, institutions had outstanding borrowings of some £830 million from the private sector in 1992 for capital developments.
382WWe welcome this broadening of the funding base, which is a key means by which universities can strengthen their independence. We are seeking to increase private finance for higher education in line with the private finance initiative.