A new report from Universities UK on the economic impact of the university sector could not be more topical and urgent, with its emphasis on growth.

“Our Universities: generating growth and opportunity” is not only the report’s title – it is a clarion call for the sector and for the government.

The economy is facing severe headwinds that demand a broad response. Universities occupy an important role that can drive economic growth:

• Incubating and accelerating new companies that create new jobs;
• Research and innovation to grow existing companies to expand new jobs;
• Developing the knowledge and competencies to be successful in highly skilled jobs;
• Diversifying the talent pipeline to address skills gaps.

The UK’s report summarises the sector’s intent to address further opportunities to support economic growth, and the recommendations are rich with quick wins and strategic aspirations.

These range from the establishment of more university enterprise zones; to the evolution of employer partnerships; to the economic and public policy role of universities; to the optimisation of the lifelong loan entitlement.

Contrary to some popular stereotypes of the university ivory tower, the overwhelming evidence documented in the UUK report demonstrates the already significant role British universities contribute to local growth and ‘UK Plc’.

HE sector offers accelerated growth

As UUK president Professor Steve West points out, investment in the higher education sector creates more jobs per pound than an equivalent investment in construction, the manufacture of computers and electronics or the public administration sector.

Speaking to the broader point, what government and increasingly society, demands of the sector is relevant.

While research can be blue sky (as the X-ray originally was) and sometimes esoteric, collectively it must be capable of demonstrating how it positively impacts the lives of ordinary people.

At the University of East London, our research is informed by the United Nations’ Sustainable Development Goals. These are practical responses to tangible global and local needs.

In one example, our Sustainability Research Institute is partnering with Hammersmith & Fulham Council, and others, to work with residents to design and implement climate change adaptation measures on three housing estates, making them fit for the future.

The project, Climate Proofing Social Housing Landscapes, aims to demonstrate that urban housing estates can play an important part in adapting our cities to cope better with climate change, primarily by implementing water-sensitive urban design measures.

Universities should showcase their relevance, seeing their research and collaboration in action in offices, boardrooms, hospital wings and homes.

Why enterprise is urgent

UUK talks of university enterprise zones. UEL sits in the heart of London’s only enterprise zone, The Royal Docks.

We are transforming existing carbon-heavy infrastructure into the Royal Docks Centre for Sustainability as part of our net zero goal, in partnership with the Mayor of London, Newham Borough Council and Siemens. We are driving green energy production across our University campuses and the wider docklands, and we are incubating and accelerating new green companies and jobs in our Sustainable Enterprise Centre. 

Beyond that specific response, our aim is to create work-ready students able to supply the burgeoning hi-tech ecosystem that will grow and profit from enterprise zone status.

This is the virtuous circle we aspire to create, with partners in the public and private sectors, each supporting the other, responding to trends and shifts, and flexing to meet the needs of the dynamic local economy.

In our home London Borough of Newham, the opportunity is not something we can postpone till after graduation or leave for the market, it has to happen now, from day one. Otherwise many students would find higher education unviable.

In the University of East London’s careers-first culture, our students are able to leave this University and step into jobs generated by their own drive, yes, but also supported by our extensive industry collaborations and partnerships ensuring our diverse talent can flourish and thrive in a rapidly changing world.

We are in the opportunity business. We are key to the growth agenda.

Written by Professor Amanda Broderick, vice-chancellor and president at the University of East London.