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Just months after its arrival in power, Labour was threatening to slash Oxbridge college fees and muttering about the unfairness of institutions with richer-than-average alumni.

Now, as Oxford has been quick to spot, the government has helped deepen the pockets of the more generous among these alumni.

Tax changes in last month's budget will allow donors to make a large tax saving - and the richer they are the better as higher-rate taxpayers giving shares will benefit most. "This is a great opportunity for Oxford," declares the university's development office, rubbing its hands.