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​Universities drive productivity and growth

​Universities are a vital part of the UK economy. They support innovation, work alongside industry, support local and regional growth and jobs, and drive productivity.

Universities drive productivity and growth

Through a huge range of activities, universities generate more than £73 billion a year in output for the British economy, contribute nearly 3% of UK GDP, and generate more than 750,000 jobs. ​

Universities offer their expert advice and support to entrepreneurial students looking to start their own businesses – maybe even the next Apple or Google. Universities also establish their own businesses to commercialise the findings of research. ​​

 

Universities are efficient organisations, with less than half of university spending coming from the public purse. The money that is invested produces excellent returns. 

Universities’ connections with industry are vital to the success of their local area. More than 100 university-owned science and enterprise parks bring together the best companies, personnel and ideas from academia and the private sector, driving productivity and innovation and offering further opportunities for graduates to bring their skills into the local jobs market. ​