Responding to the Chancellor’s Spending Review delivered in Parliament today (Wednesday 11 June), Dr Tim Bradshaw, Chief Executive of the Russell Group, said:

“The £86 billion R&D funding package is a vote of confidence in the UK research sector, particularly in light of the fiscal constraints government is facing.

“It is encouraging to hear the Chancellor today confirming plans to boost innovation to help new businesses start up and scale up, and to build the UK’s AI and computing capabilities. The 20-fold expansion of the AI Research Resource and confirmed funding for a world-leading supercomputer are very welcome investments in critical infrastructure for the UK. The Chancellor also signalled that research and innovation will be front and centre of the government’s Industrial Strategy, with investment to drive growth in sectors such as advanced manufacturing, green energy and life sciences.

“As details are settled on how the funding will be delivered, it’s vital that we see UKRI’s core budget protected, with robust investment in the pipeline of discovery-led research and support to commercialise new technologies and ideas. This will be crucial to creating new industries, leveraging private investment and delivering high-value jobs across the country.

“However, universities will only be able to continue delivering this growth-driving activity if they have a sustainable financial footing. We look forward to working with government as they develop plans for higher education reform later this year, to ensure stability for the sector for the long term and to ensure we are delivering the pipeline of graduate skills the UK’s industry and public services need.”