The University of Oxford has raised £1-billion, only the second higher-education institution in Britain to do so. The fund raising is part of Oxford’s campaign to generate £1.25-billion, or nearly $2-billion. The financial milestone, which is equivalent to $1.6-billion, comes in record time and despite the global economic crisis, the university said. The university’s vice chancellor, Andrew Hamilton, said that given a tough fiscal environment in Britain, “Oxford is going to have to do all it can to find additional resources.” Recently announced public budget cuts will hit universities hard, and institutions are also waiting to see how the government will act on the recommendations of a long-awaited review of financing of higher education. In June the University of Cambridge announced that it had reached the £1-billion-mark in its fund raising, making it the first university outside the United States to generate that amount through philanthropy.