Knowledge exchange (KE) activity generated £2.68 billion for English higher education institutions (HEIs) in 2011/12. Income from this type of activity continues to grow, albeit at a slower rate since the onset of the severe economic recession than previously. The aggregate growth rate has fallen over the period 2004-2008 from 6.6% per annum to 3.3% per annum (excluding the effects of the wind-down of the Regional Development Agencies (RDAs)).
Science and innovation are at the heart of the UK’s future success. They are critical to growth in productivity and business investment, our comparative advantages in the global race and our ability to address societal challenges. The context is dynamic, however, as other nations also take this view and are investing accordingly – creating both opportunities and risks.
This Autumn Statement sets out the next stage of the government’s long-term economic plan.