The institution is aiming to raise ?500 million by 2015 in a campaign fronted by Sir John Major, the former prime minister.

The drive comes within weeks of the government¡¯s announcement that it will make cuts of 40 per cent to the higher education teaching and student-support budget.

Rick Trainor, principal of King¡¯s, said the retrenchment meant that universities must make greater efforts to raise funds through philanthropy.

¡°In the current economic climate, it is vital that universities step up their fundraising efforts to ensure we remain at the forefront of groundbreaking research,¡± he said.

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The campaign will focus on the university¡¯s efforts to tackle global challenges and is backed by alumni including Archbishop Desmond Tutu.

¡°We are delighted that we are supported by a wide range of high-profile individuals and alumni. We hope that this campaign will inspire people to hope for a better world and demonstrate what role universities can play in creating it,¡± Professor Trainor said.

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Last week, the University of Oxford revealed that its international fundraising campaign had reached the milestone of ?1 billion in donations, despite the global financial crisis. The University of Cambridge¡¯s equivalent drive reached the same figure in June, making it the first higher education institution outside the US to raise ?1 billion.

rebecca.attwood@tsleducation.com