The current economic downturn provides a variety of opportunities for institutions to respond to the needs of business and their regions, such as retraining or up-skilling. For example, universities in Wales 
have been awarded more than £2m. under the Economic Support Initiative to support employees, companies and graduates during the downturn. More importantly, the 
Scottish government has recognised, through the New Horizons report that its universities have a key role to play in the country's economic recovery. A briefing gives further information in relation to the Future for Scotland's Universities.
The Innovation white paper of March 2008 sets out a number of policy initiatives to try to stimulate innovation.
The Government has published its Innovation and Research Strategy, which sets out a central role for universities.
HEFCE has introduced a fifth core aim covering employer engagement and skills into its revised strategic plan affirming the importance of commercial and third stream funding in national policy.
A consultation about the Transparent Approach to Costing (TRAC) is expected to follow a report on financial management information and the role of TRAC.
From 1 October 2009 there have been a number of company law changes affecting subsidiary and other companies. A summary of the key changes is available on the Bates Wells & Braithwaite web site.
The University of Cambridge announced in January 2010 a bond issue to raise up to £400m. for major building projects, an approach likely to be observed with interest, as institutions continue to try to reduce their reliance on state funding.
See also Chapter 7 of Getting to Grips with Research and Knowledge Transfer
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