Professor Sir Anton Muscatelli, Principal of the University of Glasgow and Chair of the Russell Group

LAST month the University of Glasgow opened its doors to the local community as we hosted the Human Brain Project (HBP) Open Day. This is Europe’s largest brain research project, involving more than 500 scientists at more than 100 universities.

Visitors met researchers working at the forefront of medical science and heard from companies which have been inspired by academic research to develop the next generation of computer technology.

As well as offering the public a glimpse of the cutting-edge work that is being done in the field of brain research, the open day provided a fantastic example of the various roles that universities play in our society.

The researchers who presented their findings will have learned their trade in labs and classrooms at universities.

The companies working with these researchers are benefiting from the collaborative relationships that universities build to support economic growth.

And the public benefits not only from the jobs that these partnerships create, but directly from the research itself as it underpins advances in healthcare, robotics and other fields.

The positive impact that universities have on the UK is difficult to overstate.

The Russell Group of universities, which I chair, has today published new analysis which examines the economic impact of the work our 24 members did last year.

This snapshot, produced by experts at London Economics, found the activities carried out at our universities in 2015/16 will generate £86.8 billion for the UK economy.

Students who started undergraduate degrees at Russell Group universities last year will generate an additional £177,000 of economic benefit each over their working lives compared to contemporaries who left formal education after completing A-levels. This includes a net earnings premium of £88,000 after tax and the cost of studying are accounted for, and a further £89,000 for the public purse.

Research – like the work that visitors saw at the HBP open day – will contribute £34.1 billion to the UK economy by helping develop new technologies and driving innovation in the private sector.

Through direct employment and support for companies in their supply chains, the 24 members of the Russell Group support 261,000 jobs across the whole of the UK.

These figures cover just 12 months – one year of research, one cohort of students. We would expect to see similar impact in years gone by

and in those to come. Other universities will also be making substantial contributions in their own areas.

Money invested in higher education will be paid back many times over in increased productivity, tax receipts and National Insurance contributions. With graduate unemployment at its lowest level since 1989, it is clear businesses value the skills gained through a high-quality university education. Graduates are helping drive growth throughout the economy. With the budget just round the corner, this is something that needs to be at the front of people’s minds at the Treasury.

At a time when the value of higher education has been questioned, this analysis is a timely reminder of how important universities are to the UK and for students. As the country, Europe, and indeed the world, faces real uncertainty, we need to play to our strengths. This new economic analysis makes clear that being ambitious in supporting higher education and the UK’s world-leading university sector is an investment in our future success.