As universities prepare to welcome a new cohort of students, a new report by London Economics has revealed that higher education makes a £116bn contribution to the UK economy.
- New report reveals more than three quarters of a million jobs supported by higher education
- Of those, half are employed by businesses, such as building trades, retailers, and hospitality
- Universities UK says governments must act to safeguard economic contribution
Commissioned by Universities UK (UUK), the report further reveals that universities support more than three quarters of a million jobs (768,000), of which nearly half (382,500), are indirect, employed by local businesses such as restaurants and retailers who benefit from the economic stimulus universities create.
As the sector contends with challenges including a £1bn funding hole in domestic student tuition fees and the pressures created by the cost of living crisis, UUK says there is a pressing need to reform how universities are supported in order to sustain their positive economic impact.
