Latest ONS stats demonstrate need for increased collaboration between business and universities, says NCUB

Latest ONS stats demonstrate need for increased collaboration between business and universities, says NCUB

The National Centre for Universities and Business (NCUB) is calling on universities and business to continue to collaborate to aid the UK’s long-term economic recovery. NCUB is encouraging businesses to hold their nerve and continue to work with universities, and is asking higher education institutions to act proactively to help the economy thrive and bounce back.

This is in response to ONS data, published today, showing that 42% of businesses responding to the Business Impact of Coronavirus Survey had less than six months of cash reserves and 79% had applied for the Coronavirus Job Retention Scheme.

Dr Joe Marshall, Chief Executive of the NCUB, said: “The latest statistics published by the ONS paint a very bleak picture for the future of business in the UK. The latest release demonstrates the impact of Covid-19 on the UK economy and society and reveals the challenges that many businesses in a wide variety sectors and right across the UK are facing. 42% of businesses had less than six months of cash reserves, which demonstrates the financial uncertainty that many are challenged with. Recovering from the economic impact of Covid-19 will not happen overnight.”

Marshall concluded: “We are calling on all businesses to continue to collaborate with UK universities. Collaboration between universities and businesses will be critical to aid long-term recovery, and it may well be the lifeline that businesses need. Universities can help businesses to innovate and adapt to a new normal, to develop new services and products, and seize new opportunities. They are developing the future talent that businesses need to flourish and bounce back.”

Published: 4 June 2020 

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