British Government Urged to Match Gifts to University Endowments

British Prime Minister Tony Blair plans to announce this week that he wants the government to provide money to the nation’s private universities, including Oxford and Cambridge, so they can build their endowments to be on par with their American rivals, reports The Observer.

Mr. Blair wants the government to match private donations to Britain’s universities, up to $3.9-million per institution per year.

The government hopes the plan will encourage charitable giving and provide a steady stream of support for higher education. Mr. Blair, who is leaving office this year, considers this step part of the “unfinished business” of his administration.

But the move is expected to cause friction within the government, the newspaper reports. And British institutions have a long gap to close to stand even with the endowments at major American universities. Harvard University’s $29-billion endowment dwarfs Oxford’s $7-billion.