Higher Education: Assets
Business, Innovation and Skills
Nick Brown (Newcastle upon Tyne East, Labour)
To ask the Secretary of State for Business, Innovation and Skills what his policy is on the disposal of assets of significant value by institutions of higher education in receipt of public funding.
David Willetts (Minister of State (Universities and Science), Business, Innovation and Skills; Havant, Conservative)
As independent charitable institutions, it is for higher education institutions (HEIs) to manage their operations in accordance with the law to ensure they are responsive to student choice and can continue to flourish. They must therefore comply with charity and trust law and take steps to ensure they maximise sales proceeds when disposing of any assets. Issues of estates management, including the disposal of land and buildings, are managed by HEIs in accordance with their Higher Education Funding Council for England (HEFCE) Financial Memorandum, which is in place with each HEI.