How Yorkshire’s universities can unlock community growth: Mark Burton
Yorkshire, like many areas across the UK, benefits immensely from its universities, which bring jobs, income, and expertise to local communities.
Recognised globally for their excellent academic education and world-leading research, our universities are key national assets. However, their wider role in community growth often receives less attention compared to their contributions in teaching and innovation.
With the Government focusing on devolution and regional growth, now is the time to champion the importance of universities as engines of local economic development.
Through research, innovation, and collaboration with businesses, universities significantly boost private sector productivity, contributing £40 billion annually.
For instance, the University of Sheffield’s Advanced Manufacturing Research Centre links researchers with firms in the advanced manufacturing sector.
Companies like Boeing, BAE Systems and McLaren have operations on the site or tap into research taking place there – creating 500 advanced manufacturing jobs in the region.
Replicating similar partnerships across Yorkshire could have a transformative impact.
Recently, the Secretary described higher education institutions as civic anchors, integral to local life in towns and cities.
The ongoing shift towards devolution, with enhanced powers for Metro Mayors and regional leaders, provides a timely opportunity for universities to play a key role in shaping regional policies, fostering growth, and driving innovation.
In this context, Lloyds Banking Group and PwC UK have collaborated on a new report addressing how universities can further enhance their contributions to regional regeneration and growth while building financial resilience.
The report suggests that universities should prioritise community engagement as a core mission, integrating civic responsibilities alongside teaching and research.
Success in this area often relies on fostering partnerships with local businesses, public sector bodies, and other educational institutions, similar to the collaboration seen in Sheffield.
Furthermore, the report emphasises the real and urgent need for universities to simplify access for prospective collaborators. This includes establishing modern leadership practices that encourage agility, commercial thinking, and increase considered risk-taking among academic staff. Additionally, the report highlights how universities should highlight the economic and societal value of their contributions, to help secure long-term financial stability.
With connections to 70 per cent of UK universities, Lloyds Banking Group recognises the strategic and financial challenges facing the sector and is committed to addressing them. The Government has also promised £40m over the next five years to support the commercialisation of research and help university entrepreneurs get proof of concept funding. Empowering universities to act as catalysts for regional and national growth will benefit everyone.
Many current and future businesses rely on the strength and success of our higher education sector, which deserves greater support, collaboration, and protection to fulfil its transformative potential. It’s time to get to work.
Mark Burton is Yorkshire and Humber ambassador for Lloyds Banking Group