Greg Clark Emphasizes Strategic Approach to Strengthen UK Industry in New Report

Future Ready: Proposals to Boost UK Economic Growth Through University Partnerships

The Russell Group Industrial Strategy Expert Panel has unveiled a comprehensive report titled Future Ready: the Path to Growth, proposing strategic measures to address structural challenges hindering new businesses. The report leverages the strengths of research-intensive universities to attract overseas investment, cultivate a skilled workforce to meet the UK’s long-term needs and formulate an inclusive Industrial Strategy that benefits all regions of the UK.

Among the key recommendations, the report advocates for initiatives to encourage high-potential spinouts and start-ups, as well as the broader commercialisation of research through the expansion of the Higher Education Innovation Fund (HEIF). Data from Research England reveals that every £1 of HEIF investment yields £14.80 for the UK economy, potentially rising to £20 for large research-intensive universities when considering spinout performance. In the report's foreword, former cabinet minister and current Executive Chair of Warwick Innovation District, Greg Clark, underscored the importance of a strategic approach to bolster UK industrial strength amidst challenges such as insufficient infrastructure investment and financing difficulties for new businesses. He highlighted the Industrial Strategy's unique opportunity to implement urgent, large-scale changes and emphasized the critical need for partnerships between government, business, the public sector, and universities.

The report further illustrates how the strengths of Russell Group universities, in collaboration with UK businesses and global networks, are significantly contributing to priority sectors identified by the government. These partnerships are generating high returns on investment, creating jobs, and enhancing the UK's innovation capacity. Key proposals for government and research-intensive universities include placing universities at the centre of local growth plans to ensure nationwide benefits from the Industrial Strategy, integrating university strengths into the UK's offer to overseas investors, and establishing a dedicated Spark Fund to address early-stage spinout gaps. Additionally, the report suggests introducing incentives to reverse the decline in university-SME collaboration and promoting collaboration between universities, industry, and Skills England to develop a unified skills framework focusing on high-level research skills.

Professor Stuart Croft, Vice-Chancellor of the University of Warwick and Chair of the Russell Group Industrial Strategy Expert Panel emphasized the significant economic challenges facing the UK. He highlighted the need for an Industrial Strategy to address persistent barriers to productivity and recognized the vital role of universities as innovators, educators, conveners, and major employers. Professor Croft asserted that with appropriate funding mechanisms and policy support, universities have the potential to drive substantial growth and productivity. Dr Tim Bradshaw, Chief Executive of the Russell Group, stressed that universities' well-established ability to provide top-quality education and groundbreaking research should now be viewed more holistically in terms of their role in securing the UK's long-term economic resilience.

He suggested that an effective industrial strategy should leverage the full range of university disciplines and capabilities, including economics and social sciences, to improve regulation, innovate in financial services, and enhance public procurement, alongside the science and engineering driving new technologies. Dr Bradshaw also noted that as anchor institutions across the UK, universities have the potential to significantly impact the skills pipeline and public services, benefiting families and businesses nationwide. With these comprehensive proposals and strategic initiatives, the Russell Group continues to drive innovation and economic resilience across the UK.

Editor's Note:

The Russell Group's report, Future Ready: the Path to Growth, highlights the important role research-focused universities play in shaping the UK's economy and industrial future. It discusses how these universities can help solve key challenges, support successful new businesses, and work with companies and global networks to drive economic growth, create jobs, and boost innovation. Leaders like Greg Clark, Professor Stuart Croft, and Dr Tim Bradshaw stress the need for a well-rounded approach to industrial strategy. This means using universities' strengths, such as cutting-edge research, top-quality education, and strong partnerships with businesses and government, to build a strong and forward-looking economy that benefits all areas of the UK.

Skoobuzz highlights that, in addition to research and innovation, the ability of universities to support new businesses and provide skilled graduates is essential for building a resilient economy.