Russell Group submission to the Autumn Budget 2024

15 October 2024

Protecting investments in R&D will be critical to delivering the government’s growth mission, the Russell Group has said ahead of the Autumn Budget.

In a letter to the Chancellor last month, the Russell Group highlighted the benefits of investing in university-led R&D as part of the government's aim to maximise the value of public investment in a tough fiscal environment - with every £1 of public funds invested in research at Russell Group universities generating more than £8.50 for the UK economy.

The Russell Group has also called for continued support for university-business collaboration in order to deliver the Industrial Strategy successfully, including scaling up vital funding streams such as HEIF, which plays a crucial role in supporting research-intensive universities to harness their R&D, high-level skills and industry partnerships.

Dr Tim Bradshaw, CEO of the Russell Group said:

“We all know this month’s Budget is taking place in a challenging fiscal environment, but protecting research and innovation investments and maximising their efficacy would be a powerful step in supporting economic growth and long-term prosperity.

“Universities have proven time and again how research delivers some of the highest rates of economic and social returns, creating high value jobs right across the country. Advances in science, social science, medicine and technology are helping to improve public services and attract research-intensive businesses to invest in our cities and regions. Spinout companies from our universities are championing UK innovation, and the people we educate will be tomorrow’s entrepreneurs, doctors and human capital needed to get the most out of opportunities such as AI and the green-tech future.

“At a time when the government will be looking to secure maximum value for every pound of public investment, it is vital to consider long-term impact to provide stability, attract investment, and future-proof our research capabilities and innovation pipeline”.

Read the Russell Group's letter to the Chancellor in full below. To find out more about Russell Group universities' business partnerships and support of Industrial Strategy missions, see our latest report Future Ready: the role of universities in an innovation-led Industrial Strategy.

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