UK unis are calling on the new PM, Rishi Sunak, to let them help with generating economic growth following a report by Universities UK.
The ‘Our universities: generating growth and opportunity’ report, published on October 25 by Universities UK, explores ways in which universities can contribute to economic growth, and makes several recommendations.
Unis help generating economic growth
Among the recommendations made was the need for establishing collaborative hubs for skills development, building on the Help to Grow scheme, and the rapid expansion of University Enterprise Zones (UEZ).
There have been several successful UEZ projects in Nottingham, Liverpool, Hertfordshire, Bradford and Bristol highlighting how universities can help to foster positive and impactful partnerships between themselves, local communities and employers.
The UUK report explains by building collaborative hubs for skills development, universities can reach out to left behind areas and create opportunities for local people.
UEZs and universities can play a key role in supporting the success of Investment Zones, one of the new proposals recently put forward by the government to help encourage growth.
Unis call on PM
It is currently estimated that over the next five years UK universities will help form 21,500 new businesses and provide over £11.6 billion of support and services to small enterprises, businesses and not-for-profits.
This includes specialist advice, training, access to the latest facilities and equipment to develop innovative products and conducting bespoke research projects.
So universities across the UK as calling on the PM to allow them to help with generating economic growth in this way.
Professor Steve West CBE, President of Universities UK and Vice-Chancellor of UWE Bristol, said: ‘Given the gloomy economic outlook and the difficult global situation, we need ambitious and bold action to fire up growth. It is more important than ever that universities can support businesses and charities through their research, innovation, and enterprise, to create a healthier, wealthier, and fairer Britain.
‘Research shows that investment in the higher education sector creates more jobs per pound than equivalent investment in construction, the manufacture of computers and electronics or the public administration sector.’