The North of England's eight research-intensive universities generated £18.8 billion in economic impact for the UK, a new report shows.
Leading consultancy London Economics assessed the impact of the members of the N8 Research Partnership – ourselves, Lancaster, Leeds, Liverpool, Manchester, Newcastle, Sheffield, and York.
They concluded that the universities play a critical role in supporting economic growth through both innovation and institutional investment.
Key findings
- £8.6 billion (46%) of the total economic impact stemmed from the universities' research activities.
- £1.7 billion (9%) was generated through knowledge exchange and commercialisation, such as collaboration with industry and the public sector.
- £8.5 billion (45%) arose from universities' institutional expenditures, including operations, staffing, and capital investments.
- Of the £12.2 billion in economic impact that could be attributed geographically, £9 billion (74%) was in the North of England.
The impact is even greater when student spending, tourism, and the long-term benefits of graduate employment and workforce productivity are included.
London Economics also wants that the current funding environment may jeopardise the ability of universities to maintain their level of economic contribution, potentially undermining national efforts to promote innovation and regional economic development.
In these challenging and volatile times, the UK Government needs to focus investment where it can deliver maximum return. This analysis offers a blueprint for how to do exactly that – by working with the N8 universities to unlock the full power of research, innovation and engagement across the North. What it reveals is not a crisis to be managed, but an opportunity to be seized. With the right support, these institutions can do even more to drive the outcomes that matter most: stronger regions, smarter public spending, and a more productive UK economy.
Case study: Magnitude Biosciences
Founded in 2018 as a spin-out from Durham University, Magnitude Biosciences is a specialist Contract Research Organisation (CRO) revolutionising early pre-clinical drug development.
The company leverages the microscopic nematode worm C. elegans to provide rapid and cost-effective insights into drug efficacy and safety.
