1) The document discusses two questions around research impact: what difference research makes outside of academia, and how to demonstrate the reach and significance of impact for the 2014 Research Excellence Framework. 2) It provides examples of economic impact from research, including over £2 billion in combined wealth generated from breakthroughs at Russell Group universities, and £45 billion in additional annual output for UK companies from £3.5 billion spent annually on public research. 3) The Research Excellence Framework defines impact as effects on the economy, society, culture, public policy, health, environment or quality of life beyond academia, including reducing negative effects. Impact will be assessed based on its reach and significance.