To meet this target, public funds so far earmarked for the initiative would need to nearly double, the LSE said, which is where the private sector could come in.

Public broadband funding, not just from the government, stands at a total of £1.3 billion.

LSE estimated that another £1.1 billion of funding is needed to achieve the government's broadband objectives, and said that the fell "well short" of filling the funding gap.

Furthermore, LSE said that it was unclear whether the £50 million fund for a "wave of 10 smaller super-connected cities" would be for 'superfast' or 'ultrafast' broadband.

"The government's universal service commitment for basic broadband to reach the whole country by 2015 is on course.