Russell Group welcomes Chancellor prioritising innovation to drive growth and productivity in Autumn Statement

22 November 2023

Responding to the Autumn Statement 2023, Dr Tim Bradshaw, Chief Executive of the Russell Group said:

“It is hugely positive the Chancellor has today prioritised measures to boost innovation in order to drive growth and productivity across the UK. We welcome the £500 million investment in advanced computing and AI over the next two years, which will support cutting-edge research and help maximise the UK’s potential in this area. New funding to increase the number of innovative spin-out companies emerging from UK universities is also very welcome.

“Today’s statement recognises the significant role universities already play in creating an innovation-led economy. With partners in growth industries such as advanced manufacturing, green industries, and life sciences we are helping to shape the future, so the Chancellor’s investment plans for strategic growth will help to keep the UK on the front foot in these key sectors.

“As the Chancellor said, ‘the best universities, the cleverest scientists and the smartest entrepreneurs have given us Europe’s most innovative economy’. We couldn’t agree more and look forward to working with the Government to deliver on its ambitions for prosperity and sustainable growth.” 

Related case studies

Durham University - turning student ideas into new North East businesses

Student entrepreneurs at Durham University are able to access wraparound support to help develop ideas in a state-of-the-art new facility that will help build a network of new businesses in the North East.

Read more >

Discovering new materials at the University of Liverpool

A leading research centre at the University of Liverpool is supporting business and academia in the discovery of high throughput materials

Read more >