1994 Group statement on the Cox Review

The 1994 Group welcome the Cox Review, Overcoming Short-termism within British Business: The key to sustained economic growth, published this week.

Alex Bols, Executive Director of the 1994 Group said:

“We welcome this contribution to the debate on how best to ensure that business in the UK operates in the long-term interests of economic growth. This must include maintaining the UK’s science and research base and encouraging companies to engage with universities.

“As the report notes, while the UK punches above its weight in terms of scientific research, it faces a challenge from emerging economies and our European competitors. From the university research perspective it highlights the importance of funding, through the dual support mechanism, not just applied research but also the blue-skies research that has ensured that the UK is second only to the United State for its research excellence.

“The report highlights the fact that the low number of UK students who move on to postgraduate study presents an obstacle to our future science and research base. This may become especially acute as students who have paid increased undergraduate tuition fees come through the system. The lack of a student support system for Masters students becomes ever more critical.

“This is an area of concern on which the 1994 Group will continue to press government, and we hope that this report will encourage all parties to look for a long-term solution to nurture the next generation of researchers and scientists. However, we recognise that in a time of austerity a package of measures may be more deliverable in the short term, such as working with business to support specific industries, encouraging banks to make more Professional Career Development Loans available, and loosening restrictions on integrated Masters degrees.

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Notes to Editors

- The Cox Review can be found here: Overcoming Short-termism within British Business: The key to sustained economic growth.

- The 1994 Group represents 11 leading smaller universities. It was founded to promote excellence in research and teaching. According to the most recent assessments, 88% of its members’ research is internationally recognised (RAE 2008) and 88% of its members’ students were satisfied with their university experiences (NSS 2012). In 2011, its members added £1.7bn to the UK economy, fulfilled over 1800 research contracts for business, and held stakes in 34 spin-out companies.

- 6 of the top 30 universities in the Guardian University Guide 2013 are 1994 Group members; 7 of the top 30 universities in the Complete University Guide 2012 are 1994 Group members; 11 of the UK’s top-ranked research departments are in 1994 members, and all its members have a top-3 rated department for research excellence.

- The 1994 Group represents Birkbeck, University of London; the University of East Anglia; the University of Essex; Goldsmiths, University of London; the Institute of Education, University of London; Royal Holloway, University of London; Lancaster University; the University of Leicester; Loughborough University; the School of Oriental and African Studies, and the University of Sussex.

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