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Date TimeOctober 15, 2017
VoiceUNIVERSITIES generate almost £100 billion a year for the UK economy, according to a report.

UK universities generate almost £100 billion a YEAR for the economy

Higher education institutions also support nearly a million jobs, equivalent to about 3 per cent of all UK employment, it says.
University leaders said the study showed the “huge and increasingly significant” impact universities had on the UK economy.
The report comes at a time when higher education is under growing pressure amid concerns about issues such as spiralling pay for university chiefs and debates over whether students are getting value for money from fees.
The study, by Universities UK, found that in 2014-15, UK institutions generated £95 billion.

UK universities generate almost £100 billion a YEAR for the economy

This includes funds generated by links with businesses, research and money spent by staff and students in the local area.
It accounts for 2.9 per cent of all economic activity generated in the UK in 2014-15.
Janet Beer, president of Universities UK, said: “This report is a timely reminder to policymakers of the increasing economic, social and cultural impact of universities on their local communities.



“Universities 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’s nations and regions.
“The knock-on impact of universities on local businesses and jobs has supported the regeneration of many deprived towns and cities.”


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