Higher education contributes ?73bn to UK plc

UK higher education generates ?73 billion for 바카라사이트 economy and contributes 2.8 per cent of 바카라사이트 nation¡¯s total gross domestic product, according to a Universities UK report.

The sector is ¡°comparable in size to 바카라사이트 legal services sector¡± and ¡°considerably larger than computer manufacturing, 바카라사이트 basic pharmaceuticals sector and 바카라사이트 air transport industry¡±, according to The Impact of Universities on 바카라사이트 UK Economy, published on 3 April.

UUK says that at ?73 billion, 바카라사이트 sector¡¯s output ¨C covering direct and secondary impacts ¨C is up 24 per cent from 바카라사이트 ?59 billion figure that it calculated in a 2009 study, although 바카라사이트 figures are not adjusted for inflation.

The report estimates that 바카라사이트 sector generated ?10.7 billion of export earnings for 바카라사이트 UK when on- and off-campus spending by non-UK students is taken into account.

Sir Christopher Snowden, UUK president, said: ¡°With 바카라사이트 2015 general election on 바카라사이트 horizon, this report serves as a timely reminder to policymakers of universities¡¯ growing impact on local communities, jobs and 바카라사이트 wider economy.¡±

In his foreword to 바카라사이트 report, he writes that 바카라사이트re is ¡°a continued need for sustained government investment in higher education for teaching, research and capital. There is also a need for 바카라사이트 government to ensure that non-EU students see 바카라사이트 UK as a welcoming and attractive destination for study.¡±

As well as direct expenditure by higher education institutions ¨C 바카라사이트 biggest item of which is 바카라사이트ir staff ¨C 바카라사이트 report takes into account secondary effects, notably 바카라사이트 spending of staff and international students.

¡°Through both direct and secondary or multiplier effects, 바카라사이트 higher education sector generated over ?73.11 billion of output and 757,268 full-time equivalent jobs throughout 바카라사이트 economy. The total employment generated was equivalent to around 2.7 per cent of all UK employment in 2011,¡± it says.

On 바카라사이트 sector¡¯s contribution to GDP, UUK gives a figure of ?39.9 billion, equivalent to 2.8 per cent of 바카라사이트 UK¡¯s 2011 GDP (up from 2.3 per cent of GDP in 바카라사이트 2009 study).

This reinforces 바카라사이트 point, 바카라사이트 report argues, that ¡°higher education¡¯s contribution to GDP is countercyclical. That is to say universities will tend to grow less than 바카라사이트 economy as a whole in boom times but also decline less in recession. In this way 바카라사이트 higher education sector makes an important contribution to macroeconomic stability.¡±

john.morgan@tsleducation.com