The Higher Education Funding Council for England (HEFCE) has withdrawn its old and historic building fund, worth £40 million, as one of a package of measures designed to meet government cuts to the higher education budget in 2010-11. The fund helped Universities to pay for the maintenance of their historic buildings. The decision will have the biggest impact on Oxbridge: the University of Oxford currently receives £5.1 million a year from the fund, and the University of Cambridge gets £4.2 million. HEfCE said the plans were in response to an order by Lord Mandelson, the Secretary of State for Business, Innovation and Skills, to make savings.
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