Boosting growth through science, skills and innovation

19 October 2022

The Government has made clear that its top priority for the country is economic growth.

Russell Group universities inject nearly £87 billion into the UK economy every year, support over 260,000 jobs in every region and nation of the country and drive the cutting-edge innovations that create high value jobs, attract investment and help British businesses compete on a global scale.

In short, our universities are the engines that will help deliver the growth the Government wants.
Investment in world-leading R&D offers a proven route to economic growth. Plans to grow public spending on science and innovation to £20 billion by 2024/25 will leverage in billions of pounds of private funding so must be maintained, providing certainty for investors and talent.

There are real opportunities to boost this by making it easier for businesses to invest in research and innovation facilities with universities and by aligning the new investment zones with university-focused innovation clusters. The visa system must also remain competitive to ensure the UK can continue to attract top quality international students and researchers.

A key plank of the UK’s strength in science is international collaboration which is why we continue to call for association to Horizon Europe. Should it be needed, we stand ready to work with Government to develop an ambitious alternative, backed by the full funding set aside for Horizon.

Read the Russell Group's full submission to the Government setting out how R&D and high-quality education can help boost the economy.

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