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The funding, which is provided jointly by the LF and HEFCE, will fund innovative projects to improve efficiency in universities and higher education colleges over the next two years.
Today's announcement follows the publication on 15 September of a report by the Universities UK (UUK) Efficiency and Modernisation Task Group, chaired by Professor Ian Diamond. The Diamond report recognised that efficiency and effectiveness are key priorities for the UK higher education sector, and that universities must continue to demonstrate good value for money in the new funding environment.
Ewart Wooldridge, Chief Executive of the LF, said:
'At this critical stage of the transformation of UK higher education, this fund will give energy and momentum to implement the recommendations in Professor Ian Diamond’s excellent report. It will stimulate projects that encourage innovation and transformational change in the sector. Such projects will focus directly on the recommendations of the UUK's Diamond report and stimulate innovation more widely. We are delighted to be making this investment jointly with HEFCE.'
Steve Egan, Deputy Chief Executive of HEFCE, said:
'The partners in this project are pleased to be able to make this investment to support the sector through a critical period of change and help meet the Government's aim of a smooth transition to the new funding arrangements. We look forward to delivering this major fund to the sector in collaboration with the Leadership Foundation.'
Commenting on the new funding, Nicola Dandridge, Chief Executive of UUK, said:
'Our report on efficiency and effectiveness in higher education acknowledges the efficiencies already achieved by universities, but points out that there is substantial scope to do more. It is excellent news that the Leadership Foundation and HEFCE have responded so constructively and positively in providing significant funds, which will enable the sector to take forward and implement some of these important money-saving recommendations.'