Conservatives are still mourning the loss of Baroness Margaret Thatcher, the Iron Lady, after a stroke earlier this year.

In tribute, Oxford University has created a special scholarship to help education Britain’s future leaders:

Oxford University will launch a ‘future leaders’ scholarship trust in memory of Margaret Thatcher, backed by patrons including George Bush senior and Tony Blair.

Ten students per year who have succeeded ‘against the odds’ will be granted the chance to study at the university at Somerville College, which Baroness Thatcher attended in 1943.

The fund will be supported in the US by figures such as George Bush senior, and Henry Kissinger while Mikhail Gorbachev, the former President of the Soviet Union, has also pledged his support.

‘We are not going to limit this to particular subjects, and this programme will be totally without political prejudice.’

Baroness Thatcher herself was awarded a bursary and a scholarship during her time at Oxford to help support her during her studies.

She looked back fondly on her years reading Chemistry at Oxford and in 1980, during her time in office, she wrote to Somerville College and said: ‘It was such a privilege to be there.

‘Without that, I should never be here.’

It is hoped the fund will be given final approval within two months and accepting students by 2015.

Tony Blair, Lord Owen and Sir John Major will also back the programme, which hopes to raise £100million.

Applicants will be selected on merit, but it has not yet been decided whether they will be means tested.

Dr Alice Prochaska, Somerville’s Principal, told the Daily Telegraph: ‘We want the best and brightest, regardless of background. We want people to succeed regardless of disadvantage.