Published 09 Sep 2024

A new study from London Economics has found that UK higher education and research makes a total net contribution of £265 billion to the economy, with universities in the East of England, including Cranfield University, contributing £19.5 billion. The report, The economic impact of higher education teaching, research and innovation, commissioned by Universities UK, showed that for every £1 of public money invested in universities £14 is returned into the economy.

The report also shows positive returns to the public purse of funding students’ higher education. Postgraduate students were found to make significant contributions to the economy through higher tax and national insurance contributions – with benefits to the Treasury of £68,000 per postgraduate taught student and £121,000 per postgraduate research student.

The report builds on previous research which showed that international students bring an economic impact of £41.9 billion to the UK, with nearly £42 million of that in mid-Bedfordshire, where Cranfield University is based.

Professor Dame Karen Holford DBE FREng commented on the findings: “Universities have a huge role to play in economic growth both regionally and nationally. Cranfield University is here to create opportunities – for students, staff, for industry, government and for our communities and our region. Building the key skills that the economy needs, as well as developing new technologies and creating innovation with industry, cements our role as a driver of growth.”

President of Universities UK, Professor Dame Sally Mapstone DBE FRSE said: “Universities have always been a driving force for boosting growth and opportunity whether directly or indirectly. This latest report reveals for the first time the full scope of the impact of universities and clearly demonstrates the importance of the sector to the economy and society at large.”

Source : Cranfield