London Economics were commissioned to assess the economic impact of research and commercialisation activities undertaken by the 24 Russell Group universities on the UK economy.
Our analysis estimates that the total economic impact of the Russell Group’s core research and commercialisation activities in 2021/22 was approximately £37.6 billion. In terms of the components of this impact:
- The Russell Group universities’ research activities accounted for £14.3 billion;
- The impact associated with Russell Group spin-out companies was estimated at £17.8 billion; and,
- The impact of the Russell Group universities’ wider knowledge exchange activities stood at £5.5 billion.
Other key findings of our analysis suggest that:
- For every £1 of public funds invested in research at Russell Group universities, more than £8.50 was generated for the UK economy.
- The 24 Russell Group universities supported over a quarter of a million jobs across the UK through their research and innovation activities.
- 80,000 of these jobs were in more than 1,200 active spin-out companies.
In terms of the regional breakdown, our analysis indicates that of this total of £37.6 billion, approximately £9.2 billion was generated in the East of England and £8.9 billion in London, with substantial impacts in other regions across the UK, including £5.2 billion in the South East and £2.4 billion in Scotland.
