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Grow UK economy by $38 billion

Grow UK economy by $38 billion


The analysis found that leading research universities, including Leeds, contribute almost $38 billion to the UK economy.

According to a report by London Economics, every pound of public funding invested in research at the 24 Russell Group universities generates more than £8.50 for the UK economy.

The creation of new spin-out companies, wider knowledge exchange and intellectual property licensing means the agency had an impact of £37.6 billion in 2021/22.

Collaborative research, innovative spin-offs and knowledge exchange activities have a significant impact on economic development.

Professor Nick Plant, Vice-Chancellor: Research and Innovation, University of Leeds

Professor Nick Plant, Vice-Chancellor for Research and Innovation at the University of Leeds, said: By creating local impact, creating new jobs and developing disruptive solutions to global challenges, we advance the economy and benefit the businesses, social enterprises and organizations we work with.

“Slingshot Simulations is a fantastic example of this. Founded as a spin-out from the University of Leeds, the company is going from strength to strength, growing its workforce, attracting significant investment and bringing a new approach to prioritizing policy interventions to support the journey to the Net. zero. “This is a great example of the impactful contribution we make to the economy and society through the commercialization of the intellectual property created through our innovative research.”

Since joining the three-person team at Nexus, the University of Leeds' innovation community, Slingshot has raised more than £5 million in investment, including funding from Northern Gritstone, and has significantly expanded its staff.

job creation

With more than 1,200 spin-out companies across the UK thanks to its research and support from Russell Group universities, the organization supports more than 250,000 jobs. This is twice as many as the chemical and pharmaceutical manufacturing industries combined.

In the Yorkshire/Humber region, the impact of university research and commercialization included more than 22,000 jobs and had a total economic impact of almost £2.2 billion.

Dr Tim Bradshaw, CEO of Russell Group, said: “These findings demonstrate the enormous value our universities add to every corner of the UK. The data clearly shows that investment in R&D and innovation at Russell Group universities has huge benefits for local economies and communities, with hundreds of thousands of jobs created and new businesses supported thanks to high-quality research across a wide range of disciplines.

“Russell Group’s innovations are helping to accelerate efforts to responsibly reach Net Zero, transforming the way UK businesses do business and providing the NHS with new ways to save lives and reduce waiting lists. “The government’s right choices and continued investment played a critical role in this success.”

Professor Chris Day, Chairman of the Russell Group, Vice-Chancellor and Chancellor of Newcastle University, said: 250,000 jobs. This adds to the impact of our teaching and learning activities.

“Continuing to generate world-leading research and innovation in fields ranging from medicine to sustainable energy to the creative industries is essential for the long-term development of future generations and the growth of our economy.”

Additional information

For more information, please contact Becky Pascoe, Corporate Communications.

Image Credit: Slingshot Simulation




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