26.03.09
Universities call for targeted financial stimulus to boost economy
To give the British economy the best chance of coming strongly out of the global economic downturn the UK needs urgently to invest in new ideas from world-leading research, more support for the commercialisation of ideas, and a larger proportion of the workforce qualified to a highest level.
Professor Paul Wellings, Chair-elect of the 1994 Group and the Vice-Chancellor of Lancaster University said “A financial stimulus package with targeted new investment for Higher Education is needed. Carefully selected measures including immediate new investment for strategically important research, greater support for commercialisation of ideas, business spin-outs and knowledge transfer will boost the economy, help meet national priorities and find solutions to global challenges.”
“The emphasis should be on investment in research that can boost fast-growing, modern industries such as those focused on the digital economy, environmental solutions and energy and the creative industries. This will allow universities to release their full economic potential.”
Universities are ideally placed to help turn around the economy - with the right targeted investment they can do more. Universities focus lies in the key economic needs of innovation, enterprise, original and applied research, education and training. Universities generate new ideas, new business spin-outs, business growth through knowledge transfer, technological advances, the industries of tomorrow and new business models – all crucial to combat a recession.
The 1994 Group believes to generate maximum impact investment must be focussed on trans-disciplinary initiatives. Targeted investment in strategically important research areas in both STEM (science, technology, engineering and maths) and CLASSH (culture, languages, arts, social sciences and humanities) subjects will generate new ideas to boost important sectors of the economy, support trade, strengthen research on national priorities and help solve global problems.
To boost the digital economy investment in trans-disciplinary research in technology, marketing, creative arts, design and new media are crucial. Investment in a combination of new green business models, geography, environmental studies, environmental sciences, the sociology of consumption and technological approaches will drive forward environmental industries.
Notes to Editors
1. The 1994 Group represents 18 of UK’s leading research intensive universities. It was established in 1994 to promote excellence in University research and teaching. www.1994group.ac.uk
2. 1994 Group members include 9 of the top 20 universities in the UK (The Independent League Table 2009) and 9 of the top 200 universities in the world (Times Higher Education World University Rankings 2008). 5 of the top 8 universities for student experience are 1994 Group Universities (2008 National Student Survey)
3. In 16 major subject areas 1994 Group universities are the UK leaders achieving 1st place in their field (THE RAE subject rankings 2008). 57% of the 1994 Group’s research is rated 4* ‘world-leading’ or 3* ‘internationally excellent’ (RAE 2008, HEFCE) and 7 1994 Group members are in the top 20 in the Times RAE 2008 League Tables.
4. The 1994 Group represents: University of Bath, Birkbeck University of London, University of Durham, University of East Anglia, University of Essex, University of Exeter, Goldsmiths University of London, Royal Holloway University of London, Lancaster University, University of Leicester, Loughborough University, Queen Mary University of London, University of Reading, University of St Andrews, School of Oriental and African Studies, University of Surrey, University of Sussex, University of York.
5. Press Enquiries or Interviews please contact Alistair Jarvis, Director of Communications, 1994 Group. Tel: 0207 872 5596. Mob: 07779 232 731. Email: alistair.jarvis@1994group.co.uk