OXFORD University is reportedly planning to open a new college for the first time since 1990.

A draft of the University's five-year strategic plan for 2018-23, includes 'at least one new graduation college', according to the Daily Telegraph.

The University revealed in June plans to build 1,100 extra graduate rooms along with 1,000 units of subsidised accommodation for staff.

The staff accommodation would be offered at a discounted rent once the University has constructed the new community alongside a delivery partner.

Pro-Vice Chancellor for planning and resources, David Prout, said the five-year plan would steer the University through 'wider economic uncertainty' and keep it at the top of the world rankings.

Speaking in the telegraph, David Palfreyman, the bursar of New College, Oxford, added: "The key US competitors are usually smaller than Oxford or Cambridge, especially at undergraduate level."

He said that being 'a world-class university and a super research university a la Harvard, Stanford, Yale, Princeton' also required a bigger group of postgraduate researchers.

He added the University wanted to set 'ambitious targets' to reduce by 2023 gaps in attainment 'by gender, ethnic origin and socio-economic background'.

Oxford has faced heavy criticism in recent months following statistics which showed ‘glacial’ improvement in diversity among the student population.