Good news for those eyeing a funded seat at Oxford University! The varsity will soon lunch he biggest fundraising campaign in its history and has set a target of one billion pounds.

The money will fund scholarships and bursaries for students from poorer backgrounds, as well as teaching posts and a series of major building projects, The Times reported on Saturday.

Noting that "inadequate funding" was stopping the university reaching its full potential, Vice-Chancellor John Hood said, "The principal focus of the campaign will be on the funding of existing and some new academic positions and centres, as well as scholarships and bursaries."

However, he stressed that donors would not be allowed to dictate the university's agenda. Oxford's Pro-Vice Chancellor for development and external affairs John Dellandrea said that he expected about a quarter of the money raised to go into student support.

"The idea is to ensure those who are offered places can come, no matter what their financial circumstances." Unusually, the initiative will link separate campaigns and appeals launched by individual colleges.

According to the daily, the campaign, which will be presented as essential to maintaining the varsity's place as a world leader, will rival the efforts of Cambridge University, which in 2005 launched a campaign to raise one billion pounds.

It may be mentioned that a research from the Sutton Trust last month found that pupils from 100 elite schools dominated a third of places to Oxford and Cambridge.