Russell Group response to Autumn Statement 2022

17 November 2022

Responding to the Government’s Autumn Statement, and the recommitment to grow public investment in R&D to £20bn a year by 2024/25, Dr Tim Bradshaw, Chief Executive of the Russell group, said:

“The Chancellor and the PM have highlighted the important role of research and innovation in delivering growth. The government’s recommitment to grow investment in R&D is a clear signal of intent. It is a huge, and well-deserved, vote of confidence, underlining the potential of an ideas-driven economy to boost growth, create high value jobs and crowd-in other investments in skills and infrastructure.

“Innovation clusters are growing around each of our universities, drawing on their talent and the UK’s excellence in research – from advanced semiconductors in Cardiff to new digital technologies for the creative industries in York. We welcome that the new planned investment zones will now focus around universities to maximise their impact. The UK faces big challenges in energy security and to deliver climate-friendly solutions for our net zero ambitions, and today’s announcements will support our researchers and academics to ensure the UK can remain not just a science superpower but an economic one too.”