New report reveals key role universities play in boosting growth and productivity across the UK

Universities have always been a driving force for boosting growth and opportunity whether directly or indirectly. This latest report reveals for the first time the full scope of the impact of universities and clearly demonstrates the importance of the sector to the economy and society at large. These figures make a strong case for viewing universities as another part of the UK’s growth infrastructure, and one which can deliver economic and social benefits more quickly and effectively than others. Unlike other sectors, the influence of higher education is felt in communities along the length and breadth of the country and by people of all backgrounds. With a new government at the helm, it’s imperative now more than ever to acknowledge the key role HE can play in unlocking the full potential of the economy both locally and nationally.

It is clear we are at a fork in the road. We can choose to act to ensure our universities thrive, or we can allow them to slide into decline.  For me, the latter path would be unconscionable. The figures released today will inform work underway by a leading group of experts within and outside higher education, exploring how universities can address the UK’s greatest priorities and challenges, especially around growth, opportunity and supporting delivery of the Government’s missions. Our blueprint, which will be published in the coming weeks, will set out plans for a 're-set' of the university sector including a re-balancing of responsibility for funding in England to recognise the significant benefits to the Treasury generated by graduates.