Opinion Former Video

The economic impact of universities in 2014-15

The United Kingdom higher education sector boosts our economy in more ways than you might imagine.

In just one year, university research, teaching, and other student services contributed £21.5bn to UK GDP – more than the entire advertising and marketing industry.

While university investment in campus buildings, equipment, and goods and services alone generated £9bn for British businesses.

And across the country, international students contributed £11bn to UK exports, including £6bn spent with their friends and family in shops and other businesses in their community.

Universities nurture the UK’s workforce, by developing talent and teaching new skills.

In 2014-15 they supported nearly a million jobs.

They also sustain our towns and cities, working in partnership with local businesses, and investing in initiatives to create opportunities in our regions, helping regenerate the places we call home.

Through universities, the prosperity of future generations is secured.

Research and development carried out in a single year will deliver £29bn of future benefits to the UK economy, by fuelling innovation and growth in other sectors.

And through the enhanced skills and attributes gained during their time at university, graduates stand to earn an extra £63bn over the course of their lifetime.

Universities are at the heart of our economy.

Driving growth, creating jobs, generating ideas and bringing prosperity to the United Kingdom.

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