The University of Oxford contributed a total of £15.7 billion to the UK economy in 2018/19, a report by the economic research consultancy London Economics has revealed.
The report also demonstrated that every £1 invested in University of Oxford research and knowledge exchange activities generated £10.3 for the UK national economy in 2018/19.
The report analysed the economic impact of the University of Oxford on the UK economy, focusing on the 2018/19 financial year. Specifically, the analysis captures the economic impact of:
The University’s research and knowledge exchange activities at £7.9 billion
The University’s teaching and learning activities at £422 million
The University’s educational exports at £732 million
The spending of the University and its colleges at £6 billion
The University’s contribution to tourism at £611 million
The economic impact of the University of Oxford’s research and knowledge exchange activities was estimated at £7.9 billion and these activities supported over 28,000 full time jobs.
This includes a £4.5 billion impact of the University’s research activities on the UK economy. In addition, £3.4 billion was generated by impacts associated with the University’s licensing of its intellectual property (IP) to other organisations, the operations of spinout companies whose activities are based on the University’s IP, and the activities of companies located at the Begbroke and Oxford Science Parks.
The £3.4 billion generated by the University’s knowledge exchange activities in collaboration with UK businesses benefitted the whole of the UK and across multiple sectors. Almost 40% (£1.3 billion) occurred outside the South East of England, including in London (£482 million, 14%), the East of England (£134 million, 4%), the North West (£110 million, 3%), the West Midlands (£106 million, 3%), and the South West (£103 million, 3%).
By sector, the University’s research and knowledge exchange activities resulted in particularly large impacts within production (£790 million, 23%), professional and support activities (£782 million, 23%), government, health, and education (£567 million, 17%), and the distribution, transport, hotel, and restaurant sector(£452 million, 13%).
Professor Louise Richardson, Vice-Chancellor of the University of Oxford said:
‘While these figures represent only one way of considering the ultimately inestimable value of what we do, they are a raw index of the power of our work as researchers, teachers and communicators to benefit society locally, regionally, nationally and internationally.’
Professor Patrick Grant, Pro-Vice-Chancellor for Research at the University of Oxford said:
‘This analysis provides compelling evidence that our research-intensive universities are key contributors to the prosperity of the United Kingdom. Every pound invested in our universities, which bring together world-class research and outstanding teaching, has the power to transform our economy and our society. As we continue to recover from the coronavirus pandemic and carve out our position in a post-Brexit world, it serves as a reminder of the growing role of universities in our country’s future.’