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UK economy gets over £3bn from universities

Universities contributed £3.3bn to theUKeconomy in 2010-11, the funding body HEFCE has reported. This represents a 7% increase from £3.1bn in 2009-10.

A new company was created for every £24m spent on research funding, and spending on universities by large companies grew 7% from £587m in 2009-10 to £629m in 2010-11.

As a result ofUKuniversity research, 268 new businesses were set up this academic year, employing 18,000 people. Graduates established over 2,800 new enterprises.

The value ofUKknowledge exchange is on the rise, HEFCE said.

Sir Alan Langlands, its chief executive, said: “In challenging economic times, the HE sector is doing all it can to drive growth – in everything from the commercialisation of new knowledge, delivery of professional training and research with business, through to income from their equipment and services.

“Higher education in this country is world leading. It is a great national asset, something we should all be proud of.”

David Willetts, minister for universities and science, said: “Universities and industry working together are making a substantial contribution to theUK’s economic growth.

“The latest analysis shows that external income to the higher education sector from business and other users has continued to increase, despite the challenging economic environment, to over £3.3bn.

“Today’s increase in the number of new start-up companies by staff and recent graduates of higher education institutions also highlights the important role that universities have in creating a more entrepreneurial society.”

To view the report, visit

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