Oxford University is set to open its first new college in almost 30 years, as it seeks to take on its Ivy League rivals.

The university’s five year draft strategic plan, seen by The Daily Telegraph, contains proposals to build 1,000 graduate rooms and “at least one new graduate college”.

This would be the first new college since 1990, when the graduate-only Kellogg College was established. The plans, which have been backed by the university’s governing body, must now win the approval Oxford’s dons.

Under the plans, the intake of postgraduate students would increase by 850 a year by 2023, while undergraduates would increase by 200 a year.

Nick Hillman, director of the Higher Education Policy Institute, said: “Oxford and Cambridge say they lose money on every undergraduate whereas for post graduates you can charge the full market rate and more.

“Oxford doesn’t compare itself to other institutions in the UK, it compares itself to other institutions around the world such as Ivy League which have more graduates than undergraduates.”