A group of the world's leading academics have launched a new British university which they hope will rival Oxford and Cambridge.

New College of the Humanities (NCH) will charge fees of £18,000 a year and offer the "highest-quality" education to "gifted" undergraduates, according to its creators.

The privately-funded independent seat-of-learning will be based in Bloomsbury, central London, and open in September 2012.

It will initially offer eight undergraduate humanities degrees taught by some of the globe's most prominent intellectuals, college officials said.

Professor AC Grayling, the philosopher who will be the college's first Master, secured millions of pounds of funding from investors to set up the institution which has been likened to America's elite liberal arts colleges.

He said: "Our priorities at the College will be excellent teaching quality, excellent ratios of teachers to students, and a strongly supportive and responsive learning environment. Our students will be challenged to develop as skilled, informed and reflective thinkers, and will receive an education to match that aspiration."

The college claims to offer a "new model of higher education for the humanities in the UK" and will prepare undergraduates for degrees in Law, Economics and humanities subjects including History, Philosophy and English literature.

Students will also take three "intellectual skills" modules in science literacy, logic and critical thinking and applied ethics. Practical professional skills to prepare them for the world of work including financial literacy, teamwork, presentation and strategy will also be taught.

The 14 professors behind the project include evolutionary biologist Richard Dawkins and eminent historian Sir David Cannadine. All will teach.

Prospective students can apply immediately, with the college offering assisted places to more than 20% of the first year's intake.