UK Economy is profiting substantially from universities through its researches. In a study conducted by England's higher education funding body Hefce, it was revealed that for every £24m gained from research funding, a new company is created. Despite economic uncertainty UK universities were able to contribute £3.3bn to the UK economy in the academic year of 2010-11. The report also revealed that there was a rise in the value of UK knowledge exchange.
The report suggests that the total value of service provided by the UK universities to the economy increased by 7% in the year 2010-11 from £3.1bn in 2009-10. Funds from companies spent on university services also increased by 7% from £587m in 2009-10 to £629m in 2010-11. As per the report, the researches carried out by UK universities helped set up 268 new businesses that provide employment to 18,000 people. Over 2,800 enterprises were established by graduates using their knowledge and experience gained while studying in UK varsities.
Sources form Hefce stated that, the higher education system of UK is definitely facilitating the government’s aim of profiting from University knowledge exchange. As per Universities Minister, David Willetts, the universities are playing an important role in establishing a more industrialist society in UK.
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