UK: Universities make £60 billion a year for economy

Universities generate almost £60 billion (US$99 billion) a year for the UK economy - more than agriculture and the pharmaceutical industry - a study revealed last week, writes Jessica Shepherd for The Guardian. The report by researchers at Strathclyde University, commissioned by the umbrella group for vice-chancellors Universities UK, will be used by heads of universities to lobby ministers to allow a rise in students' tuition fees.

The Strathclyde study used data from the Office for National Statistics, the Higher Education Statistics Agency and information from all 166 higher education institutions in the UK to measure the impact of universities on the economy. It found that universities generated more than £59 billion for the economy in 2007-08, a 25% rise on the £45 billion they produced four years before that. The total revenue earned by universities was £23.4 billion, compared to just under £20 billion for agriculture and under £15 billion for the pharmaceutical industry.

Universities brought in £5.3 billion from overseas students, international conferences and work conducted for overseas businesses. They provide the equivalent of 314,600 full-time jobs, or 1.2% of all full-time jobs in the UK. Those visiting universities from abroad and overseas students spent £2.3 billion off-campus, the study found.
Full report on The Guardian site