A thriving economy
Backing excellent research in UK universities can boost productivity, advance knowledge and transform our economy for the future.
As economic and cultural powerhouses, Russell Group universities support businesses, help create thousands of skilled jobs across the UK and strengthen their communities.
Over 90% of research at Russell Group universities is world-leading or internationally excellent.
Millions of people visit our campuses every year. Our students, staff and researchers work extensively with businesses, schools and colleges, charities, arts, sport and public sector bodies, and we use our convening power to bring partnerships together that deliver real economic, cultural and societal impact.
Our expertise in cutting edge research, and investment in new facilities and innovation, is transforming UK cities and creating thriving clusters of high-value activity.
To build a bright future, the next government should:
- Match our international competitors by investing at least 3% of GDP in R&D by 2030 and introduce more ambitious long-term funding targets to enhance the UK’s capabilities as a global science and research powerhouse.
- Introduce a Research and Innovation Guarantee with fast-track planning and new VAT rules for research facilities with business will help build the new labs the UK needs.
- Create a British Business Bank ‘Spark Fund’ and use pension fund reforms to help create hundreds of new deep-tech spinouts from universities.
Stable, long-term investment in UK R&D delivered the Covid-19 vaccine, has given us more quantum start-ups than any other country in Europe, has helped keep our insurance and financial sectors competitive and has ensured the UK remains a leading centre for both advanced manufacturing and the advanced pharmaceutical industry.
Research and innovation activity at Russell Group universities alone contributed £37.6 billion in 2021-22, and created over 250,000 jobs. But we want to, and can do, even more.
Investing in the research talent pipeline, and in high-quality research and innovation, will ensure we can build on our competitive advantages and futureproof the economy.