Value measured in English university (7)
I believe the answer is:
reading
I believe this is a double definition.
'value measured' is the first definition.
(as in a value read from a meter)
'english university' is the second definition.
(I've seen this before)
'in' is the link.
(Other definitions for reading that I've seen before include "Very elementary subject" , "Ride nag (anag)" , "to which Wilde was committed?" , "English university place" , "Quiet activity" .)