Professor Madeleine Atkins, Chief Executive of HEFCE, said:
'The Government’s productivity plan, ‘Fixing the foundations’, highlights the key role of higher education in meeting the challenge of narrowing the productivity gap. Our world-leading universities create and develop new knowledge, positive innovation and highly advanced skills which are all vital elements of a modern, dynamic economy.
'They do this through strategic collaborations with research users, through excellent and inspiring teaching linked to employment, by being 'anchor institutions' in their local and regional communities, and by being catalysts for social mobility.
'HEFCE will support universities to realise the Government’s ambition to increase the income they earn from working with business and others to £5 billion per annum by 2025.
'HEFCE is committed to working with the sector, employers and Government to support and strengthen these contributions to productivity, including implementing the next phase of the UK Research Partnership Investment Fund. We also look forward to working with Government and others on the introduction of a Teaching Excellence Framework.'