{"id":3626,"date":"2017-10-16T15:21:35","date_gmt":"2017-10-16T15:21:35","guid":{"rendered":"http:\/\/chief-exec.com\/?p=3626"},"modified":"2017-12-11T12:24:55","modified_gmt":"2017-12-11T12:24:55","slug":"uk-universities-provide-a-95bn-economic-boost","status":"publish","type":"post","link":"https:\/\/chief-exec.com\/?p=3626","title":{"rendered":"UK universities provide a \u00a395bn economic boost"},"content":{"rendered":"

When it comes to annual turnover, universities have overtaken other large industries, including advertising and marketing, air and spacecraft manufacturing sectors, Aban Contractor<\/em> reports.<\/span><\/h4>\n

Universities in the United Kingdom generated more than \u00a395bn – up 15 per cent – for the economy and supported 940,000 jobs and should not be taken for granted, its peak body warned today.<\/p>\n

New figures published by Universities UK (UUK) revealed that universities, international students and their visitors generated \u00a395 billion of gross output to the economy in 2014-15 \u2013 three per cent of all UK employment, including many regional jobs.<\/p>\n

According to the data, produced for UUK by Oxford Economics<\/a>, the gross value added contribution of universities\u2019 own operations to gross domestic product \u2013 \u00a321.5bn \u2013 is larger than that made by a number of other sizeable industries.<\/p>\n

It is 22 per cent greater than that produced by the entire accountancy sector and almost 50 per cent more than the contribution of the advertising and market research industry.<\/p>\n

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‘The knock-on impact of universities on local businesses and jobs has supported the regeneration of many deprived towns and cities.’<\/span><\/h4>\n<\/blockquote>\n

\u201cIn terms of annual turnover, universities now generate larger turnover than the UK\u2019s legal sector, the advertising and marketing sector and air and spacecraft manufacturing,\u201d UUK said.<\/p>\n

However, university leaders warned that the sector\u2019s contribution to the economy and jobs should not be \u201ctaken for granted\u201d, with UK universities facing increased global competition, uncertainty over Brexit negotiations, and government policy on immigration and tuition fees in England.<\/p>\n

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The figures show international students \u2013 including on and off-campus spending and that of their visitors \u2013 generated \u00a325.8bn in gross output, and supported 250,000 jobs.<\/p>\n

\u201cPut another way, every international student generated \u00a322,000 to \u00a335,000 gross value added and \u00a35,000-\u00a39,000 in tax revenue,\u201d UUK said.<\/p>\n

At the same time universities received less funding from UK public sources, with less than one-third of income coming from the UK public sector.<\/p>\n

Janet Beer, UUK president and Vice-Chancellor of the University of Liverpool, said the study highlighted the huge and increasingly significant impact that universities had on the economy and jobs.<\/p>\n

\u201cThis puts the UK’s university sector above many other established sectors in terms of economic impact and regional job creation,\u201d she said.<\/p>\n

\u201cUniversities are often the largest employers in their area and, through links with businesses and in attracting students from overseas, they bring in significant investment from around the world to all the UK\u2019s nations and regions.<\/p>\n

\u201cThe knock-on impact of universities on local businesses and jobs has supported the regeneration of many deprived towns and cities.\u201d<\/p>\n

Professor Beer said, while the influence on jobs and the economy was important, universities were fundamentally about transforming students\u2019 lives through education and skills and the production of life-changing research.<\/p>\n

\u201cThey also enrich communities by giving local people the chance to take part in arts, music, and sports activities on campuses,\u201d she said.<\/p>\n

\u201cThere are few sectors in the UK that can be described as truly world-leading, so it is important that the success of higher education is not taken for granted.<\/p>\n

\u201cUniversities face many challenges, including increased global competition, uncertainty over student funding and the potential impact of Brexit. The Economic Impact of Universities in 2014-15<\/a> is a timely reminder to policymakers of the increasing economic, social and cultural impact of universities on their local communities.\u201d<\/p>\n

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Carlos Moedas also warned a no-deal scenario could see British researchers abruptly lose their funding and be forced off EU-backed projects.<\/span><\/h4>\n<\/blockquote>\n

Meanwhile<\/strong>, the European Commissioner for science and innovation said that European research collaboration worth billions of pounds to UK universities \u201ccannot exist\u201d if free movement comes to an end under a \u2018hard Brexit\u2019, The Scotsman<\/em><\/a> reported today.<\/p>\n

Carlos Moedas, who was visiting Scotland, said UK participation in the flagship Horizon 2020 programme that has pumped \u00a3210 million into Scottish universities hinges on the government\u2019s approach to immigration after Brexit.<\/p>\n

The UK government says it wants to take part in European Union science programmes, but universities in Scotland and across the UK are growing increasingly alarmed at the lack of progress towards securing agreement, with talks in Brussels deadlocked over the UK\u2019s \u201cdivorce bill\u201d.<\/p>\n

Academics face a December deadline to apply for the next round of EU funding. However, amid growing speculation that talks could fail to reach any agreement, Mr Moedas also warned a no-deal scenario could see British researchers abruptly lose their funding and be forced off EU-backed projects.<\/p>\n

 <\/p>\n

\n

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Headline Photo: London School of Economics library.
\nCredit: London & Partners<\/h6>\n","protected":false},"excerpt":{"rendered":"

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