A new report has demonstrated that the total economic impact of the UK higher education sector on the UK economy is more than £265 billion.
Universities UK, the umbrella body for the UK’s 141 universities, has published the results of a research report it commissioned from international policy consultancy, London Economics. The report, entitled ‘The economic impact of higher education teaching, research, and innovation’, was presented in August 2024 and details new research on the huge economic benefits of university degrees on the wider economy.
Using the most complete data available (2021-2022), the report demonstrates that for every £1 of public money invested in the higher education sector across the UK, £14 is put back into the economy. Specifically, each UK graduate who does their first full-time degree generates on average an extra £75,000 for the exchequer, compared to someone who could have gone to university – but chose not to. At postgraduate level, this rises to £119,000 plus.
The power of a university education is at the heart of The Cowrie Scholarship Foundation’s mission, both for each individual student and for our wider society.
To read the full report, click here (The economic impact of higher education teaching, research, and innovation – August 2024).