Town halls and unringfenced government departments are feeling the pinch, but one corner of British public life is conspicuously flush. Visit almost any university in the land and you will find a small city bursting with Portakabins, scaffolding and cranes. If you dare to raise your eyes from the mud puddles, you will see vast hoardings displaying images of glass palaces.
Higher education is in the throes of its biggest building boom since the 1960s. Whether it is wise or not, whether the financial and academic calculations add up, are questions rarely asked, so loud is the self-congratulation of those pioneering the expansion.
University College London recently clinched what has been described as the biggest loan in British university history (from the European Investment Bank, as it happens) to help fund a new campus in east London. Imperial College, King’s and University of the Arts London are well into building mode, while four in five universities outside the capital are reported to have plans to increase capital spending.
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