Harnessing UK expertise in innovation crucial to growth

15 March 2023

On Wednesday (15 March), the Chancellor of the Exchequer presented the 2023 Spring Budget to Parliament. 

Responding to the Budget, Dr Tim Bradshaw, Chief Executive of the Russell Group, said:

“Harnessing the UK’s expertise in research and innovation will be central to creating the jobs, productivity and growth we need. The Government’s proposals for investment zones will allow our world-leading universities to draw on their talent and the UK’s excellence in research to revitalise regional economies.

“However, collaboration is crucial to this ambition so we hope that alongside these proposals the Government will move swiftly on finalising the UK’s association to Horizon Europe, which will enable us to collaborate on an unrivalled scale, continue to attract the best talent, and signal our ambitions to lead the world in science.

“While there were some important measures announced to support those affected by the rising cost of living, it is disappointing that students have once again been left out of the conversation. A survey of 8,800 students found they were on average living below the poverty line and while universities are providing millions of pounds worth of support, more help is urgently needed from the Government.”

Notes to editors

The Russell Group's submission to the Spring Budget, which was published in January 2023, can be read here. 

Further information on the survey of 8,800 university students carried out by Russell Group Students’ Unions, the largest study on financial pressures currently facing students to date, can be found here.

Related case studies

University of Warwick - Making green carbon fibre viable for business

Researchers at the University of Warwick have helped to develop new recycled carbon fibre that is more business friendly. Thanks to their work annual sales of the recycled product grew from £300,000 to £2million in two years and delivered huge ecological benefits.

Read more >

Detecting bowel cancer early

One million new diagnoses of bowel cancer are made worldwide each year. This human tragedy is costing the NHS more than £1 billion annually. However, a new, simple and cost effective screening test developed by researchers at Imperial College London has proved so effective that this form of cancer could become a rare disease.

Read more >