Seven members of the review that will make recommendations on raising the tuition fees charged by universities were appointed today by the Government.

The inquiry team, to be chaired by Lord Browne of Madingley, the former BP chief executive, will have a broad remit to analyse the challenges facing higher education and their implications for student financing and support.

The inquiry will not report until autumn next year, longer than the summer target date originally stated by ministers.

The terms were agreed between Lord Mandelson, the Business Secretary, and the Conservatives, who have made clear they will not be bound by its terms if they win office but want a thorough inquiry to inform policy decisions.

Lord Browne said: “We will be open and consultative in how we examine the issues and will set out the process for taking evidence shortly.”

The low-key announcement today, in a written statement, contrasts with the publication last week of the Government’s longer term policy vision for universities, which Lord Mandelson explained in person in the House of Lords.

Counting the cost

Members of the fees review are:

Lord Browne of Madingley: former group chief executive of BP, which he built into a global energy company. Now managing director of Riverstone Holdings, a company investing in renewable and conventional energy and holds several non-executive directorships

Sir Michael Barber: chief adviser to David Blunkett as Education Secretary during Labour’s first term, when the literacy and numeracy hours for primary schools were introduced. Became Tony Blair’s cross-Whitehall progress chaser on delivery of policy from 2001

Diane Coyle: author, former journalist and Treasury economist, who runs an economic consultancy. Recently stepped down from the Competition Commission. BBC Trustee, member of the Migratory Advisory Committee and visiting Professor at Manchester University

Professor David Eastwood: Vice-Chancellor of Birmingham University, former chief executive of the Higher Education Funding Council for England. Previous teaching posts include Professor of Modern History at the University of Wales, Swansea and fellow of Pembroke College, Oxford.

Julia King: academic researcher and university lecturer who went into industry, holding senior posts at Rolls Royce. Returned to academia seven years ago as chief executive of the Institute of Physics, head of engineering at University College, London and, in 2006, Vice-Chancellor of Aston University.

Peter Sands: chief executive of Standard Chartered bank, previously served as finance director. Previously director with McKinsey, the consultancy firm, focusing on the banking and technology sectors. An Oxford graduate.

Rajay Naik: UK board member of the Big Lottery Fund, member of the Department of Health’s commission on carers. Past chairman of the British Youth Council and council member of the Learning and Skills Council.

Times recommends

• Graduates move home to cut costs
• Screen tests are the future of exams
• Briefing: University funding