The higher education sector is vital to the UK economy. In 2014–15 it supported almost one million jobs, and contributed £21.5 billion to UK gross domestic product.
This report investigates the economic contribution that universities make annually to the UK economy through generating GDP, jobs and taxes, and their longer-term impact on the UK.
The research – carried out for Universities UK by Oxford Economics – also quantifies future economic benefits by estimating the long-term impact of the research, development, and skills generated in UK universities in the academic year 2014–15.
WHAT IS THE OVERALL ECONOMIC IMPACT OF UNIVERSITIES AND THEIR STUDENTS’ SPENDING ON THE UK ECONOMY?
UK universities and their students generate signi cant economic activity in the UK, equal to £95 billion gross output in 2014–15. Thanks to this, the UK higher education sector:
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- makes a substantial contribution to UK GDP, equal to £52.9 billion gross value added (GVA), or about twice that of the city of Birmingham
- supports almost 944,000 jobs1 of all skill levels in the UK economy – approximately three times as many jobs than in the city of She eld
- generates £14.1 billion worth of tax receipts for the government that can be reinvested into public services, which is equivalent to 2.7% of all tax receipts received by Her Majesty’s Revenue and Customs (HMRC) in 2014–15
Chosen excerpts by Job Market Monitor. Read the whole story at The economic impact of universities in 2014–15
Job Market Monitor 
Universities in the UK play a pivotal role not only in education but also in driving economic growth and creating employment opportunities. The statistic that almost one million jobs are supported by universities in the UK, along with their contribution of £21.5 billion to GDP, underscores their significant impact on the nation’s economy. This highlights the importance of investing in higher education and supporting universities in their mission to educate, innovate, and drive prosperity. It’s inspiring to see the tangible benefits that universities bring to both individuals and society as a whole.
Posted by jameshutt78 | March 16, 2024, 7:06 am