This blog has been written by Jolanta Edwards, Director of Strategy; Darren de Souza, Senior Policy and Projects Officer; and Emily Dixon, Senior Research and Content Officer.
Against the backdrop of recent policy announcements, it is clear London has a critical role to play in driving nationwide prosperity. From the London Growth Plan to the current industrial strategy, the city will deliver mayoral and national government priorities and missions, with economic growth at the forefront of its plans. With the Growth Plan specifically outlining an ambition for London to be ‘a capital in service of the UK’, it feels appropriate to revisit the recently launched Capital Gains map, an interactive resource that showcases research and development (R&D) activity undertaken by London’s universities, and the immense benefits this has across the whole country.
Crucially, this resource is not simply a repository created to flex London’s muscles. It is about illustrating the benefits of investing in London’s R&D infrastructure and universities, and how this enables deep and meaningful work to be done in partnership with other regions in service of society, for clear national benefit. UKRI’s recent report breaks down its research funding by region and nation, headlined by the fact that for the first time, half of all investment was directed outside London and the southeast. But increased investment across the UK should not be viewed as something that can only happen if London receives less. Harnessing London’s status as the UK’s R&D powerhouse and its global status means recognising its ability to attract foreign direct investment and compete internationally. As pointed out in London Higher’s Beyond Borders report:
London competes with the foremost major world cities like New York, Tokyo and Shanghai, and outstrips Paris and Madrid as Europe’s leading destination for FDI (foreign direct investment). Indeed, London and New York are the only world cities ranked ‘Alpha ++’ by the Globalization and World Cities Research Network (GaWC), reflecting their connectivity, integration and global economic importance. The UK’s next highest-ranked cities are Manchester and Edinburgh, six ranks lower.
Unhelpful rhetoric about the revived Oxford-Cambridge arc and the golden triangle do not enrich collective capability. It serves simply to pit London against other regions, instead of usefully examining ways in which collaboration to tackle pressing challenges could be achieved. Long-term sustained investment in London allows our world-leading universities to leverage their existing business and industry links, high-quality infrastructure and access to a global talent pool, strengthening the UK’s RD&I ecosystem and ensuring a competitive international position. This has significant benefits for the country.
Indeed, the London Growth Plan explicitly references its ambition for London to be ‘a capital in service of the UK’ by: driving onward investment; scaling up exports; using London as a gateway for onward tourism; partner with advanced manufacturing to scale up industrial innovation; and engaging with broader strategic planning for housing and infrastructure.
The capital gains map demonstrates these principles in action; here are two quick examples. Middlesex University’s work transforming financing and support for early-stage small and medium-sized enterprises (SMEs) has helped new businesses in Cornwall attract investment and scale up their operations. King’s College London’s work on safer wards in psychiatric treatment facilities has improved NHS infrastructure and helped people served by inpatient care in large parts of the country, from Sussex to Northumberland. Regional and national policy alignment are critical for success. The London Growth Plan, jointly set out by the Mayor of London, London Councils, and London & Partners, seeks to cultivate inclusive growth for the city and its citizens, reflecting London’s particular strengths. The Industrial Strategy will set out a national framework and London’s role within this.
Underpinning London’s excellence in R&D is its higher education sector. The difference this sector makes is seen in part through London Higher’s Civic Map, as well as the capital gains map, which demonstrates that financing R&D projects brings direct benefits across Britain, from Cornwall to Aberdeenshire, from North Wales to County Armagh and beyond. London Higher members work with brilliant partners across the country and through these partnerships bring about life-changing impact. As the consequences of geopolitical events reverberate, it is vital that recognition is given to the London higher education sector so it can continue to do its part to promote resilience, opportunity and progress for the capital and the whole country.
