DESPITE fears over £4bn cuts to university funding, there was little mention of specifics in the Comprehensive Spending Review.
The Chancellor instead praised academia as the ‘jewel in the crown’ of the economy.
While hinting reforms are on the cards in the wake of Lord Browne’s report on future funding, Mr Osborne said: “It is clear that if we want to keep our place near the top of the world league tables then we need to reform our system of funding and reject – as, to be fair, many opposite do – the unworkable idea of a pure graduate tax.
“Clearly better-off graduates will have to pay more – and this will enable us to reduce considerably the contribution that general taxpayers have to make to the education of those who will probably end up earning much more them.”
Although the Department of Business is facing a 7.1% cut in its budget over the next four years, spending on science will be ring-fenced.
Mr Osborne said: “Britain is a world leader in scientific research. And that is vital to our future economic success.
“That is why I am proposing that we do not cut the cash going to the science budget. It will be protected at £4.6 billion a year.”
Norman Price, chairman of Birmingham Science City, said: “The safeguarding of the science budget was essential for preserving the future of the UK as a knowledge economy.
“Sustained investment needs to be maintained in both underpinning research and the commercialisation of science and technology. We must exploit the nation’s undisputed excellence in science and technology to the full, but this requires strong research infrastructure and the means to bring universities and business together to develop commercially viable products and processes.”
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