Russell Group responds to Spring Statement

23 March 2022

Responding to the Government's Spring Statement delivered by the Chancellor today (23 March) in Parliament, the Russell Group welcomed proposals to reform R&D tax credits to stimulate more collaboration between business and universities. 

Dr Tim Bradshaw, CEO of the Russell Group, said:

“The UK is a world leader in research and innovation, delivering huge benefits for the country both economically and socially so it is right we build on that strength to fuel our recovery. Collaborations between business and universities are already worth over £1.7bn to the economy every year, while spin outs with links to Russell Group universities have attracted millions of pounds of investment and created new jobs across the UK.

“The proposals to improve R&D tax credits are a positive step. We would welcome the chance to work with Government to ensure its tax reforms help stimulate more university business collaborations to create jobs and growth for communities across the UK.”