The economic impact of research and commercialisation activities at Russell Group universities

28 February 2024

Through world-class research in fields such as AI, genomics, advanced materials and behavioural science, Russell Group universities are helping to build a bright future for the UK.

This research, the knowledge we share with business and others, and the spin-out companies we create and nurture, provide skilled jobs, boost productivity and enhance UK competitiveness. 

A new report produced by London Economics shows that in 2021/22, research and related commercialisation activities at Russell Group universities added £37.6bn to the economy and supported more than ¼ million jobs. For every £1 of public funds invested in Russell Group research at these institutions, more than £8.50 was generated for the UK economy.

The research and commercialisation activities of the 24 Russell Group universities, such as the creation of new spin-out companies, wider knowledge exchange and Intellectual Property licensing across all four nations helped to support more than a quarter of a million (254,000) jobs, twice as many as in the chemical and pharmaceutical manufacturing industries combined.

London Economics' independent analysis shows how the universities contributed to economies in every single region and nation of the country, delivering research and innovation in sectors ranging from medicine to sustainable energy and the creative industries. This is in addition to the economic impact generated by wider productivity spill overs, teaching and education-related activities, and the fees and spending from international students.

Read the full report and the two-page summary document below.

The economic impact of research & commercialisation activities at Russell Group universities - Full report

A London Economics study reveals Russell Group universities contribute almost £38billion to the UK economy. 

Read the report (PDF)

Related case studies

Queen Mary University London - Supporting cutting edge life science businesses

The Queen Mary BioEnterprises Innovation Centre is helping life science businesses across the capital turn their ideas into real-world applications such as vaccines and anti-viral treatments.

Read more >

Providing solutions to criminal justice and terror incidents

Research by University of Liverpool psychologists has led to emergency and security services adopting new ways of managing risks such as terror attacks, prosecuting and convicting terrorists and preventing child sexual abuse.

Read more >