Industrial Strategy Green Paper 2017
23 January 2017
Commenting on the Publication of the Government’s Industrial Strategy Green Paper, Director General of the Russell Group, Dr Wendy Piatt, said:
Innovative ideas, cutting edge research and highly skilled individuals are needed for the UK to prosper in an increasingly competitive world. Targeted investment and an industrial strategy that matches the ambitions of our universities are key to generating this innovation and expertise.
The Prime Minister says that she wants to build “a global Britain that looks to the future”. Our leading universities should be at the heart of this vision.
Academics and scientists based at UK universities – and research intensive Russell Group institutions in particular – are already world leaders when it comes to research and innovation. Russell Group universities underpin economic growth, jobs and investment right across the country and we look forward to helping the Government realise its industrial strategy aims.
Notes to editors
- In 2014/15, almost a third (31%) of all science and engineering graduates, over 81% of graduates in medicine and dentistry and over 54% of graduates in mathematical sciences graduated from a Russell Group university
- In our report Engines of Growth we identified at least £21 billion worth of economic benefits resulting from a sample of research projects at our universities – a return of £100 for every £1 of initial investment.
- UK universities are a major export industry, generating overseas earnings of over £10 billion per annum, £4billion of which comes from Russell Group members.
- UK universities support more than 750,000 jobs (2.7% of all UK employment) and generate an economic output in excess of £73 billion a year – we estimate Russell Group universities account for around 300,000 of these jobs and at least £32 billion of the economic output
- Between 2012/13 to 2016/17 Russell Group universities are investing £9 billion of their own resources in major capital projects, which are expected to deliver gross value added of £44.3 billion for the UK economy and support more than 98,500 UK jobs.
- In 2014/15, over 94% of first degree graduates from Russell Group universities were in work or studying six months after they graduated. Of those graduates in employment, 80% of leavers with a first degree from Russell Group universities were in professional employment, compared to 68% from non-Russell Group universities.