This was all well explained a century ago by J.A. Hobson in Imperialism, 1902. The following is from Part II, chapter IV:

Finally, our centres of highest culture, the universities, are in peril of a new perversion from the path of free inquiry and expression, which is the true path of intellectual life. A new sort of "pious founder" threatens intellectual liberty. Our colleges are, indeed, no longer to be the subservient defenders of religious orthodoxy, repressing science, distorting history, and moulding philosophy to conserve the interests of Church and King. The academic studies and their teachers are to employ the same methods, but directed to a different end: philosophy, the natural sciences, history, economics, sociology, are to be employed in setting up new earthworks against the attack of the disinherited masses upon the vested interests of the plutocracy. I do not of course represent this perversion as destructive of the educational work of the colleges: the services rendered in defence of "conservatism" may even be regarded in most cases as incidental: only perhaps in philosophy and economics is the bias a powerful and pervasive one, and even there the individuality of strong independent natures may correct it. Moreover, it is needless to charge dishonesty against the teachers, who commonly think and teach according to the highest that is in them. But the actual teaching is none the less selected and controlled, wherever it is found useful to employ the arts of selection and control, by the business interests playing on the vested academic interests. No one can follow the history of political and economic theory during the last century without recognising that the selection and rejection of ideas, hypotheses, and formulæ, the moulding of them into schools or tendencies of thought, and the propagation of them in the intellectual world, have been plainly directed by the pressure of class interests. In political economy, as we might well suspect, from its close bearing upon business and politics, we find the most incontestable example. The "classical" economics in England were the barely disguised formulation of the mercantile and manufacturing interests as distinguished from, and opposed to, the landowning interest on the one hand, the labouring interest on the other, evoking in later years other class economics of "protection" and of "socialism" similarly woven out of sectional interests.

The real determinants in education are given in these three questions: "Who shall teach? What shall they teach? How shall they teach?" Where universities are dependent for endowments and incomes upon the favour of the rich, upon the charity of millionaires, the following answers will of necessity be given: "Safe teachers. Safe studies. Sound (i.e. orthodox) methods." The coarse proverb which tells us that "he who pays the piper calls the tune" is quite as applicable here as elsewhere, and no bluff regarding academic dignity and intellectual honesty must blind us to the fact.

The interference with intellectual liberty is seldom direct, seldom personal, though of late both in the United States and Canada some instances of the crudest heresy-hunting have occurred. The real danger consists in the appointment rather than in the dismissal of teachers, in the determination of what subjects shall be taught, what relative attention shall be given to each subject, and what text-books and other apparatus of instruction shall be used. The subservience to rank and money, even in our older English universities, has been of late evinced so nakedly, and the demands for monetary aid in developing new faculties necessarily looms so large in academic eyes, that the danger here indicated is an ever-growing one. It is not so much the weight of the "dead hand" that is to be feared as that of the living: a college so unfortunate as to harbour teachers who, in handling vital issues of politics or economics, teach truths deeply and obviously antagonistic to the interests of the classes from whom financial aid was sought, would be committing suicide. Higher education has never been economically self-supporting; it has hardly ever been fully organised from public funds; everywhere it has remained parasitic on the private munificence of wealthy persons. The peril is too obvious to need further enforcement: it is the hand of the prospective, the potential donor that fetters intellectual freedom in our colleges, and will do so more and more so long as the duty of organising public higher education for a nation out of public funds fails of recognition.

"It is the doom of men that they forget." -- Merlin in Excalibur by John Boorman
Of course English schoolboys learned that people like J.A. Hobson were dangerous socialists, if not downright Communists, and that it was very poor form to even consider their opinions.

"It is not necessary to have hope in order to persevere."

Richard Murphy points out on his Tax Research UK blog that

Three of the signatories have strong links with the Institute for Fiscal Studies - Costas Meghir is the Deputy Research Director, Orazio Attanasio is Director of Development Studies and Tim Besley is a Research Fellow there.

I have argued for some time that the Institute for Fiscal Studies is little more than a Tory front. Such blatant argument, openly anti-Labour and openly pro the deluded policies of George Osborne is clear evidence of the fact.