There is substantial evidence that funding for colleges and universities is an investment in the country’s future, both in terms of the ability to create jobs and help deliver social and economic equity. Currently spending on tertiary education by the UK is around 1.3% of gross domestic product. This compares to the average in OECD countries of 1.6%, with the UK well below leading economies such as the USA and Korea (2.6%), Canada (2.5%), Sweden (1.8%) and Japan (1.6%). We want the UK governments to take a lead in raising funding for tertiary education to the OECD average of 1.6% of GDP.
“The UK has one of the most vibrant higher education sectors in the world and conducts innovative research which goes well beyond what might be expected for a country of our size. An understanding of the benefit of this resource to the economy, and therefore greater investment in this resource is one way to help drive the economy back into growth. I hope that this campaign can raise awareness of the potential of the knowledge economy to boost growth.”