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The vast majority of England's universities will see their public funding slashed next year.
Oxford and Cambridge are among those losing out this year, as institutions are hit with the biggest cuts since the 1990s.
It will fuel concerns that students could face larger class sizes and a drop in the quality of education in the future, as well as fewer places available, particularly if further cuts are imposed.
According to figures announced by the Higher Education Funding Council for England (Hefce), more than half of England's 130 universities have received cuts in cash terms for 2010/11.
But taking into account inflation at around 2%, 99 universities are facing a real terms cut, two will see their funding remain static, while just 29 will see an increase.
Last month Hefce announced that there would be an overall 1.6% real terms reduction (£215 million) in teaching funding for universities in 2010/11, while research budgets would remain the same as last year.
The cut in teaching grants means universities will be receiving less money per student, and it has also been revealed that there are around 6,000 fewer student places available this year.
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Hefce chief executive Sir Alan Langlands said universities facing large reductions will be given so-called "moderation funding" to help them adjust to the lower budgets.
He said: "I think these are very modest reductions and it is quite likely that universities will be able to cope with this without in any way undermining the student experience."
Among the biggest losers this year was London Business School which has seen a reduction in funding in cash terms of 11.9% - in real terms 9.9%."
