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www.universitybusiness.co.uk | T: @UB_UK FINANCE AND MARKETS The latest news, views and reports on fi nance and legal issues in the higher education sector HE input to UK economy increases by 24%
Universities’ generated £73bn of output and accounted for 2.7% of all UK employment, according to a new report from Universities UK. According to UUK's latest UK-
wide study on the impact of the higher education sector on the UK economy, universities now generate £73bn in output – up (24%) from £59bn when the last study was published in 2009. This puts higher education
ahead of many other UK sectors, including basic pharmaceuticals, air transport, advertising and market research, legal services and computer manufacturing. At the time of conducting the
study, the latest data available was for 2011–12 and therefore the estimates in the report relate to the year preceding the implementation of the new funding and fees system in England. Published alongside the report is an analysis of the impact of higher education on the economies of the nine regions of England. Separate reports looking specifi cally at the economic impact of universities in Wales and Scotland have been published previously.
The report found that in 2011–12:
✥ The UK higher education sector generated over £73bn of output, through both direct and multiplier eff ects.
✥ Higher education contributed 2.8% of UK GDP in 2011 (up from 2.3% in 2007–2008) and generated 757,268 full-time-equivalent (FTE) jobs throughout the economy.
✥ The sector as a whole generated an estimated £10.7bn of export earnings for the UK. This includes the estimated £4.9 billion of off -campus
✥ Less than half of revenues received by UK universities were from public sources.
Professor Sir Christopher Snowden, President of Universities UK, said: “It is clear that universities are making an increasingly signifi cant contribution to the UK economy, both in terms of contribution to GDP and creating jobs. The sector also at racts signifi cant investment from overseas. “While the study looked at only
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Universities’ generated £73bn of output and accounted for 2.7% of all UK employment, according to a new report from Universities UK
expenditure by all international, non-UK (EU and non-EU) students at ending UK universities.
one aspect of economic impact, we should not forget also the major contribution to the wider economy from producing skilled graduates and generating groundbreaking research. Universities also produce signifi cant non-economic benefi ts. They improve the life chances of individuals and also provide a social and cultural boost to communities through access to art, music, sports and other facilities. “With the 2015 general election
on the horizon, this report serves as a timely reminder to policymakers of universities’ growing impact on local communities, jobs and the wider economy.”
The full report is available on the UUK website:
www.universitiesuk.ac.uk
Image: © Lukasz Gajewski |
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