UK: New funds for sector

Universities and colleges in England have been invited to participate in a £50 million ($71 million) scheme to help individuals and businesses through the recession. The Higher Education Funding Council for England launched the Economic Challenge Investment Fund (ECIF) to enable the sector to respond rapidly to the needs of employers and individuals during the economic downturn.

The ECIF will enable universities and colleges to provide tailored training, development and professional support to vulnerable groups. The fund consists of £25 million provided by the funding council, with matched grants from institutions.

Council Chief Executive Professor David Eastwood said: "With the support of our employer engagement programme, Hefce is already investing £148 million in higher education to increase capacity and capability to deliver workforce development activities for employers over the long term.

"The new initiative is designed to meet urgent and short-term economic challenges facing individuals, whether in work or unemployed, new graduates and businesses. We are looking particularly to help small and medium enterprises.

Eastwood said that higher education had never been closer to business. Strong links developed over recent years had put universities and colleges in an excellent position to make a flexible response to current economic challenges "at a time when it is vital that we continue to invest in enterprise and skills".

Universities Secretary John Denham said: "Our higher education sector is well placed to support employers and employees get through these challenging economic times and prepare for the upturn when it comes."

The scheme will provide the following help for individuals:

* Development and training for those in work to enable them to continue in employment rather than be made redundant.
* Training and development for newly unemployed people to improve their chances of re-employment.
* Support for new graduates to gain access to advice, training and work experience.

diane.spencer@uw-news.com