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Universities to partner with local business in order to drive UK economy forward

Universities to partner with local business in order to drive UK economy forward

The UK is home to some of the world’s best higher education institutions, revered by academics globally for their contribution to research.

Not only do universities make a huge contribution academically, though, they also create jobs, help geographically disperse talent across the regions, boost local economies and nurture innovation.

To encourage this, the government has announced a new £10m cash injection to help strengthen the relationship between local businesses and universities. Proposals for 10 new University Enterprise Zones (UEZs) in England are set to build better ties between business and education, boosting local economies, jobs and growth.

The Exchequer Secretary to the Treasury, Robert Jenrick, explained: “Our universities are recognised around the world as centres of research and knowledge. At the same time, Britain is a country brimming with entrepreneurs and innovators. We want to bring these two assets together, so that businesses and universities can benefit from what each other has to offer.”

He added: “By making sure universities are equipping graduates with the expertise that surrounding businesses are looking for, and entrepreneurs can operate in business-friendly environments, we can help fire up local economies, create more jobs and boost growth.”

The UEZs are set to deliver space and amenities for small companies along with bespoke support and knowledge. It is thought that both parties will benefit from the partnerships, with companies able to take advantage of specialist expertise, and universities able to better understand what is needed from graduates in the workplace.

Minister for Universities, Science, Research and Innovation, Chris Skidmore, said: “Today’s investment to bring business and academics together will not only lead to the creation of new products and services, it will boost job creation for local areas to feel the benefits of UK innovation which demonstrates our modern Industrial Strategy in action.”

The announcement is just another bit of great news for the UK’s higher education and business sectors, with specialist knowledge being harnessed in order to maximise economic output and performance.

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