The Economic impact of Russell Group universities

Key facts and statistics

Russell Group universities:
•    have a total economic output of £22.3 billion per annum
•    are responsible for supporting 243,000 jobs UK-wide
•    are a major UK export industry, with overseas earnings of over £2 billion per annum

The 2008 Research Assessment Exercise found that:
•    over 60% of the UK’s very best (‘world leading’) research took place in Russell Group universities
•    on average, twice as much of the research undertaken at Russell Group universities is ‘world leading’ compared to the rest of the sector

Over 80,000 students graduate from Russell Group universities each year. They are highly sought after by employers. Research undertaken by the Centre for Economics of Education has identified an average wage premium of up to 10% for a graduate from a Russell Group university compared to a graduate from a modern university.

Over the past two years (2007/8 and 2008/9):
•    Russell Group universities have accounted for around half of the IP income generated by UK universities. 
•    The estimated turnover from companies spun out from Russell Group universities was 65% of the total sector.
•    Active spin outs from Russell Group universities accounted for 58% of those which survived for three years. 

Russell Group universities produce 30% of the UK’s science and engineering graduates and nearly 80% of doctors and dentists