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.

For more information and to download the full report, please see here.