Iain McNicoll at the event in Parliment
Iain McNicoll at the event in Parliment
Universities in the UK now generate £59 billion for the UK economy putting the higher education sector ahead of the agricultural, advertising, pharmaceutical and postal industries, according to Universities UK's latest UK-wide study of the impact of the higher education sector on the UK economy.
The report is produced for Universities UK by the University of Strathclyde, namely Ursula Kelly, Donald McLellan and Emeritus Professor Iain McNicoll of Strathclyde Business School, and confirms the growing economic importance of the sector.
Ursula Kelly said, "This new report confirms the growing economic importance of higher education to the UK. The results highlight the increasing policy significance of higher education, both in terms of its contribution to GDP and its relative effectiveness in generating economic impact."
Professor Steve Smith, President of Universities UK, said, "These figures show that the higher education sector is one of the UK's most valuable industries. Our universities are unquestionably an outstanding success story for the economy.
"Universities have increased their impact by over £15 billion since 2004, generate about 2.3% of UK GDP and employ 1% of the UK workforce. Across a range of activities, universities, through their dedicated staff,Ursula Kelly at the event are doing more than ever to support the wider economy, With growing pressures on public spending and with the all-important debate about university funding about to start, it's crucial that we recognise the growing importance of higher education to the health of the economy."
The report was launched on November 3 in Parliament at an event hosted by Dr Vince Cable, Liberal Democrat Deputy Leader and Shadow Chancellor. The report is available at www.universitiesuk.ac.uk/Publications/
A conference was also held in London on November 4 on the £3 million "Impact of Higher Education Institutions on Regional economies" initiative which is co-ordinated by Ursula Kelly and Professor Peter McGregor and involves researchers from universities across the UK. Ms Kelly and Professor McGregor gave an update on progress of the initiative, while Professor Robert Wright spoke on migration and the pursuit of graduate jobs, and Professor McGregor talked about the overall impact of Scottish HEIs on the economy of Scotland.
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