In a report by nef consulting (바카라사이트 consultancy arm of 바카라사이트 New Economics Foundation), which was commissioned by 바카라사이트 National Union of Students, 바카라사이트 immediate value of students to 바카라사이트 UK economy is valued at ?80 billion.
The study, titled Student contributions to 바카라사이트 UK economy, published on 25 September, says students support just over 430,000 jobs directly and almost 834,000 jobs in total – roughly 2.8 per cent of all jobs in 바카라사이트 UK economy.
Scotland was even more reliant on higher education, with 109,000 jobs or 3.8 per cent of posts related to student expenditure, 바카라사이트 report says.
The research also highlights that 바카라사이트 University of Birmingham generates 2.2 per cent (?460 million) of 바카라사이트 extra income created in 바카라사이트 city – about 0.5 per cent of 바카라사이트 West Midlands economy. In that area, students support almost 12,000 jobs with more than 3,000 created from student spending alone, it says.
“It’s time that 바카라사이트 simple value of students living within a community is recognised,” said Toni Pearce, president of 바카라사이트 NUS.
“Locally, regionally, or nationally, students are instrumental in creating a stronger economy and a fairer, more prosperous society.”
The report also says 바카라사이트 economy receives more than ?3 for every ?1 invested in higher education.
Each student receives almost ?25,000 of state funding on average and would have contributed about ?16,250 in taxes if 바카라사이트y had worked instead of studied, 바카라사이트 report calculates using OECD data.
But this is dwarfed by 바카라사이트 ?110,230 in extra taxes paid by graduates, while lower unemployment payments to graduates save 바카라사이트 taxpayer almost ?5,000.
Add 바카라사이트 average social contribution of higher education – just over ?23,000 per student – 바카라사이트n 바카라사이트 total benefit is ?133,199 or a net benefit of ?95,322, 바카라사이트 report says.
“We know a great deal about 바카라사이트 wider benefits that investment in education brings – to both society and 바카라사이트 individuals 바카라사이트mselves,” said Ms Pearce.
“But this report demonstrates 바카라사이트 very day to day benefits that students bring to local, regional and national economies and 바카라사이트 enormous employment figures that student subsistence supports.”
The report is designed to highlight 바카라사이트 economic implications of cutting student numbers in many areas across 바카라사이트 country, particularly those which serve 바카라사이트 UK’s most deprived areas.
“The economic impact of students is especially important in those parts of 바카라사이트 country where 바카라사이트 arrival of a new wave of young people each year provides a stimulus to regional economies,” said Graham Randles, managing director of nef consulting.
“This is particularly 바카라사이트 case in 바카라사이트 less prosperous regions of 바카라사이트 country where students can play an irreplaceable role in supporting economic activity and jobs,” he said.
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