Russell Group response to Government Growth Plan

23 September 2022

Responding to the Government's Growth Plan 2022, which was published today (23 September), Dr Tim Bradshaw, Chief Executive of the Russell Group, said: 

“The Government is right to cite the UK’s ‘elite world-leading universities’ in its Growth Plan. As well as top-quality education that creates opportunity and helps people into highly skilled jobs, our universities deliver the research and innovation that will fuel economic growth and find solutions to the big challenges we face.

“Investing in roads and broadband will help our economy, but the Chancellor must not overlook the intangible infrastructure like R&D and the UK’s strengths in harnessing it to deliver real world impact. Last year, businesses spun out of Russell Group universities alone created over 30,000 new jobs and brought £4.9bn of private investment to towns and cities across the country.

“Benefits like these are why we would urge the Government to maintain its commitment to growing public investment in R&D to £20bn by 2024/25. With our universities’ record of returning £9 for every £1 of public money spent on research we believe it is money well spent and the potential returns will put the UK economy in the best position to grow.”

“Today’s measures will help many with immediate cost-of-living challenges but we are disappointed not to see any specific help for students, many of whom will be at risk of not being able to continue their studies. We have called for more help with hardship support and will continue to do so.”

Earlier this week, the Russell Group called on Government to provide specific support for student and not to forget them in its plans to help households with the current cost-of-living challenges.

Related case studies

Smart investment in specialised education course at the London School of Economics and Political Science

The Italian bank Fineco approached the London School of Economics and Political Science to design and run a custom-made, intensive course focusing on behavioural finance and investment decisions with which to reward its most strongly performing financial consultants.

Read more >

New £40m Nottingham campus to provide a springboard into business for graduates

A new city centre campus will provide a pathway into business for University of Nottingham graduates.

Read more >