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UK universities ‘need more finance to remain competitive’

Universities in the UK require more money to ensure they are competitive among international education institutions, according to The Russell Group.

Last week, it published its submission to the government’s Spending Review 2013, saying more needs to be done for British universities to compete against those in the US, East Asia and Europe where billions are invested into higher education.

“The UK needs to remain competitive internationally, building on areas of strength with our world-class universities and paving the way for future economic growth,” a spokesperson for the organisation, which represents the best 24 universities in the UK, said.

According to The Russell Group, Britain invests a smaller proportion of the gross domestic product on universities than other countries.

It called for a strong budget for 2015-15, adding this should not be reduced below 2014-15 levels.

“As the economy returns to growth, the government should commit to increasing investment in science, research and innovation.”

The Russell Group went on to say UK universities need to attract private investment, as this will also help them put more money into improving higher education facilities and make them more competitive against other top institutions around the world.

Earlier this year, The Russell Group’s Director General Dr Wendy Piatt said it was good news that the Higher Education Funding Council for England is increasing its investment in the Higher Education Innovation Fund to £160 million. She suggested this money should be used to “translate world-class research and knowledge into economic benefit” for the country.

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