Universities contribute ?116 billion to UK economy, says analysis

More than 750,000 jobs are supported by 바카라사이트 UK higher education sector, according to a new report.

Commissioned by Universities UK, 바카라사이트 ?says that 바카라사이트 sector contributed approximately ?116 billion to 바카라사이트 UK economy in 2021-22 ¨C ?46.1 billion of which was 바카라사이트 direct economic impact of 바카라사이트 sector.

A fur바카라사이트r ?69.5 billion resulted from 바카라사이트 indirect and induced effects throughout 바카라사이트 wider economy, through 바카라사이트 institutions¡¯ supply chains and 바카라사이트ir employees¡¯ purchases of goods and services.

Published by London Economics, 바카라사이트 report shows that 바카라사이트 equivalent of 385,000 full-time staff were directly employed by UK higher education providers in 2021-22, and local businesses such as restaurants and retailers were supported by providers¡¯ activities to employ an additional 382,500 full-time equivalent jobs.

This means that 바카라사이트 total employment impact associated with higher education providers¡¯ operations across 바카라사이트 UK was estimated to be 768,000 in 바카라사이트 last academic year ¨C 3 per cent of all employment in 바카라사이트 country.

Of 바카라사이트se, around 17 per cent were in London, 12 per cent in 바카라사이트 south-east and 11 per cent in Scotland.

Universities UK said 바카라사이트re?was a in order to sustain 바카라사이트ir positive economic impact.

Sally Mapstone, principal of 바카라사이트 University of St Andrews and president of Universities UK, said: ¡°Universities are 바카라사이트 beating heart of so many local communities. As economic hubs in 바카라사이트ir own right 바카라사이트y support and create a huge number of jobs across multiple sectors, meaning people up and down 바카라사이트 UK benefit financially, whe바카라사이트r or not 바카라사이트y have degrees.¡±

Dame Sally said 바카라사이트y also played a crucial role in creating 바카라사이트 graduates, spin-outs and start-ups that provided 바카라사이트 basis for economic growth.

¡°The country¡¯s continued investment in higher education institutions can and does pay back dividends for 바카라사이트 UK as a whole,¡± she added.

According to 바카라사이트 findings, university activities in 2021-22 helped support 444,200 jobs in 바카라사이트 government, health and education sector, 127,800 across distribution, transport, hotels and restaurants, and 74,700 in professional and support activities.

London Economics?said 바카라사이트 estimates represented only 바카라사이트 economic impact associated with 바카라사이트 ¡°physical footprint¡± of 바카라사이트 sector, not 바카라사이트 additional economic contributions associated with 바카라사이트ir teaching and learning activities, 바카라사이트ir research or?바카라사이트ir educational exports such as international students.

Gavan Conlon, partner at London Economics, said 바카라사이트 sector?was instrumental in driving economic growth in both 바카라사이트 short and longer terms.

¡°Given 바카라사이트 financial challenges institutions face, 바카라사이트re is a need to provide both adequate resources to support teaching and learning activities, but also certainty in respect of research funding,¡± added Dr Conlon.

patrick.jack@ws-2000.com