If your child MIGHT go to university in 8 years time, how much should I be putting away to cover this?

[Tinker]

She may well not go, of course, but since I should soon be in a position to do something about it I thought I'd better give it some thought.

Also, have a 2 year old - assuming I want everything to be equal in the end, how much should I put away for her?

How do I do these things? Monthly savings? Lump sum somewhere? Am risk averse.

Well tin of beans then

whatever you can afford.

Difficult this as I have clients coming to me who are trying to get on the housing ladder and some of them have £25k worth of debt due to fees etc at University. Simple maths (£25k years divided eight years is approx £3000 yr, divide that by 12 months is £250 month.) So you need to save £250 month.
The child trust fund is no good as it is in the child's name and when it materialises it will be in the child's name so you will have no control over it, consequently the child may spend it on something else they see as important like a car or holiday etc. (so do not bank on it as you have no control over those funds)
You should try to put the money away into ISA's for the tax benefits but as to whether you invest it in stocks or shares or put the money into a cash ISA depends on your attitude to risk. You could maybe split the savings, some in stocks and shares and other in cash just so you can take advantage of any potential growth. (say 70% cash/30% stocks and shares)

I don't think you aave for their university fees. They'll value it more if they have to pay for it themselves. Where does parental guilt stop? Do you save up for their first flat?

no quattro, you make sure they inherit their flat!

i think it is better to put thrity quid towards the kids uniesity fees than buy them another psp game. they dont appreciate it now, but if you put somehitng away each month, then they will appreciate it when they are older.