Calls for university investment as figures show the region’s institutes contribute £ 9 billion to the economy

The government will conduct its Comprehensive Spending Review (CSR) later this fall, asking sectors vying for further investment to provide evidence of why funding is needed.

Universities support around 74,000 jobs in Yorkshire and Humber, research by Frontier Economics has shown.

Universities UK, which represents 140 higher education institutions, urges the government to maintain their per student spending.

She also recommends that the government re-commit to spending 2.4 percent of GDP on research and development projects.

The CSR takes place roughly every three years and will be presented this year at the time of the autumn budget, which is set for October 27th.

Ministers are reportedly considering lowering the threshold at which graduates pay back their student loans.

Currently, most graduates who started their studies before the fall of 2012 pay nine percent of their pre-tax income, which exceeds the £ 2,274 monthly pre-tax threshold.

For graduates who started in 2012 or later, the payback threshold is £ 1,657.

The Financial Times reported that the government plans to lower the wage level after which graduates repay their loans in order to save the Treasury Department for the student funding system.

The University and College Union warned against “placing more debt on students” as it called the proposal “regressive”.

In January, the government said further reforms to the student funding system, including minimum university entrance requirements, would be “considered” before the next major spending review.

However, a report from the Institute for Fiscal Studies last week warned that lowering the student loan repayment threshold would hit mediocre-income graduates the hardest, with the National Union of Students also speaking out against the plans.

Professor Simone Buitendijk, Vice Chancellor of the University of Leeds said: “The University of Leeds has a strong track record in research and development that improves lives around the world and reduces global inequalities. But we combine our global perspective with a keen awareness of our impact on our regional community and its economy.

“As the third largest employer in Leeds and the region’s largest research-intensive university, we directly support 14,000 jobs and according to the latest estimate we contribute around £ 1.3 billion to the UK economy each year, with students contributing nearly £ 200 million to international sales in the metropolitan area Leeds per year. “

University of York Vice Chancellor Professor Charlie Jeffery said, “As we recover from the pandemic and challenging global economic environment, the role of our universities in supporting our communities has never been more important.

“A prime example of this is our BioYorkshire initiative – our 10-year vision to leverage the biotechnology expertise of our scientists and partners and act as a launch pad for green, inclusive economic growth across the region.