The UK government should commit to spending £1bn ($1.5bn) over the next parliament on joint ventures in clusters between universities and business, according.

The report, Encouraging a British Invention Revolution, said turning ideas into job creating businesses was needed to help rebalance the UK economy and boost manufacturing.

Sir Andrew Witty (pictured), chief executive of GlaxoSmithKline (GSK), a UK-listed drugs company, and chancellor of the University of Nottingham, was commissioned in April by the UK’s Department of Business Innovation and Skills to examine how universities can better support economic growth and drive exports.

He said: “Our universities are key to changing this. They are already a major competitive advantage for the country and I believe we could do more to maximise this.”

Sir Andrew recommended the government backed so-called Arrow Projects of research in set areas with £1bn, either new money or through the redirection of money from existing schemes, and ensure there is a one-stop shop for funding. In addition, he said universities should better support fast growing, innovation-rich small and medium-sized enterprises that have the potential to break into global markets and supply chains.

David Willetts, UK Universities and Science Minister, said: “We are already making strides to help commercialise the work done by universities under the Eight Great Technologies, which will help this country accelerate ahead in the global race. We will now consider the recommendations and respond more fully in time.

Sir Andrew Witty was supported in his review by seven independent expert advisers:

  • Professor Sir John Bell, Regius Professor of Medicine at Oxford University.
  • Professor David Greenaway DL, Vice-Chancellor of the University of Nottingham and Member of the Nottingham Growth Board
  • Professor Graham Henderson CBE DL, Vice-Chancellor and Chief Executive of Teesside University, Board Member of Tees Valley Local Enterprise Partnership
  • Professor Dame Julia King, Vice-Chancellor of Aston University, Board Member of Greater Birmingham and Solihull Local Enterprise Partnership
  • Professor Wendy Purcell, Vice-Chancellor and President of Plymouth University, Board Member of Heart of the South West Local Enterprise Partnership
  • Professor Dame Nancy Rothwell, President and Vice-Chancellor of The University of Manchester, Board Member of Greater Manchester Local Enterprise Partnership
  • Colin Skellett OBE, Chair of West of England Local Enterprise Partnership and Executive Chair of Wessex Water.