Russell Group response to the Autumn Budget 2024

30 October 2024

Responding to the Chancellor’s announcement of the Autumn Budget today, Dr Tim Bradshaw, Chief Executive of the Russell Group said:

"In a challenging fiscal landscape, we are pleased to see the government has protected the R&D budget, including core research funding, and recognised the value of research and innovation as a key pillar of the growth mission. This will allow universities to continue to deliver on growth and productivity, contributing to job creation, regional investment and advances that improve public services.

"We particularly welcome the introduction of a multi-year R&D missions programme which highlights the role of R&D in achieving the government’s top priorities, including the Industrial Strategy. We are also very encouraged to hear that full funding has been made available for our association to Horizon Europe. In both of these areas we will be working with our partners across industry and academia to maximise the benefits for the UK.

"Continuing to grow R&D investment for the UK, including in fundamental research, will be crucial to creating new industries, leveraging private investment and delivering high-value jobs across the country."

Commenting on changes to National Insurance, Dr Bradshaw said:

"The increase in employers' National Insurance contributions will have a significant impact on universities as major employers, adding to the funding challenges facing the sector. We look forward to working with government in the lead-up to next year’s Spending Review to create the right environment and a sustainable funding model for universities to deliver growth and productivity for the long term."

Notes:

The Russell Group also welcomed the government’s support for innovation and entrepreneurship including a £40million proof-of-concept fund, which will help universities commercialise research, as well as a commitment to 10-year budgets for key activities which will drive long-term partnerships between industry and academia.

Related case studies

UCL and Cambridge – Using AI to improve manufacturing

Spinout uses Artificial Intelligence to reduce emissions from energy intensive industries

Read more >

A new technology to support deep-sea oil exploration from University of Edinburgh

MTEM (Multi-transient Electromagnetic Technology), a spin-out company from the University of Edinburgh, markets a technology which allows the detection of hydrocarbons in deep underground reservoirs.

Read more >