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- Title
Full Economic Costing Why is it important?
- Authors
Goodfellow, Julia
- Abstract
This article focuses on the meaning, scope and importance of Full Economic Costing (FEC). FEC is a financial approach that is being adopted to address the massive shortfall in university finances that was, reportedly, revealed by the Dearing report of 1997 in Great Britain and it seeks in particular to enable stability and sustainability in providing support for research infrastructure. In July 2002, the Chancellor of the Exchequer announced within the spending review the allocation of £120 million for the science base to start on a trajectory towards FEC. With the 2005-06 financial year looming, the Chancellor announced a further £80 million, so that by 2007-08 there would be £200 million for FEC. These initiatives were in contect to the agenda for changing the funding system for research and research infrastructure. Although the new system only applies to new applications submitted after September 1, 2005, the British Office of Science and Technology has given money for current grants in 2005-06 in order to start the FEC process.
- Subjects
UNITED Kingdom; DIRECT costing; RESEARCH grants for information storage &; retrieval systems; COST accounting; UNIVERSITY &; college finance; SUSTAINABLE development reporting; ECONOMIC policy
- Publication
Biologist, 2005, Vol 52, Issue 1, p4
- ISSN
0006-3347
- Publication type
Article