Transforming the Economy
The Economic Impact of Research and Commercialisation Activities at Russell Group Universities
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, more than £8.50 was generated for the UK economy.
Growing the Economy
London Economics analysis found that in 2021/22, research and commercialisation activities across the Russell Group added £37.6bn to the UK economy.
This impact includes direct economic benefits from spin-out firms and the commercialisation of research breakthroughs, and also indirect and induced benefits such as sales for supply chain companies and local businesses.
This work created skilled jobs in communities right across the UK.
254,145 jobs were supported by Russell Group research and commercialisation, of which:
80,545 were in university spin-out businesses.
48,810 were created through wider knowledge exchange activities.
Adding Value across the UK
Research and commercialisation activities at Russell Group universities are driving economic growth and creating skilled jobs across the UK.
The new analysis from London Economics shows Russell Group R&D is benefitting communities in every part of the country.
The economic impact of our universities' research and commercialisation activities in 2021/22 included:
More than £2.3bn of economic impact in North West England, supporting nearly 20,000 jobs.
£700m of economic impact in Northern Ireland and £885m in Wales.
More than 22,000 jobs in Yorkshire and The Humber, with a total economic impact of nearly £2.2bn.
21,630 jobs in Scotland with a total economic impact of more than £2.3bn.
Press
To request a printed copy or accessible formats of the report, please email enquiries@russellgroup.ac.uk
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