As UK universities decide on their future, here we are sharing some important facts that reveal how beneficial the higher education sector is for the UK economy. Take a look....
UK universities contribute to GDP 4 times more than agriculture
According to a study by Universities UK, the contribution of universities to GDP was almost £39.9 billion in 2011-2012. This amount was around 2.8 per cent of GDP, which was over four times as much as the contribution of agriculture at 0.6 per cent.
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UK economy gets £80 billion boost from students
As per a 2013 study conducted by the National Union of Students, student expenditure provides nearly some £80 billion of the economic output in UK. Concurrently, the University of Birmingham contributes in £530m to the economy of the city, which is about 2.2 per cent of the wealth generated locally. Around 2.6 per cent of GDP and more than 35,000 jobs in Wales are supported by student cash. Moreover, student cash contributes almost 1.26 per cent of GDP and facilitates 109,000 jobs in Scotland.
International students in London contribute more money than used in public services
Foreign students who come to the UK to earn a degree usually pay around £12,000 per year on an average for an undergraduate degree. According to a study by London First in 2015, it was found that international students present in the capital consumed £540 million of public services, but contributed more than £2.8 billion to the UK economy by means of tuition fees, hosting visiting and family and friends and other expenses. This resulted in a net contribution of almost £2.3 billion.
4 out of 10 young adults own a degree and can earn £9,000 more than the ones without a degree
As per the 2011 census, nearly 4 out of every 10 people between the age of 25 and 34 owned a degree level qualification or higher. The latest data available from the government reveal that the employment rate for graduates in the working-age is around 87.5 per cent. This is the highest rate since 2007. The average earnings of graduates working full time is £31,000, which is £9,000 more than the average salary of non-graduate workers.
Majority of 2014 graduates were employed within 6 months
Over 93 per cent of students who completed graduation last year either landed a job in just 6 months or pursued further studies. The universities of Lancaster, De Montfort, West London, Derby, as well as Leeds Trinity University were part of the 40 universities that saw less than 5 per cent of 2014 graduates out of study or work 6 months after graduation.
Collaborations between UK business & universities worth over £3.5 billion
Presently, 12,240 collaborative research projects are underway between organisations and universities in UK. A report from the World Economic Forum says that UK currently ranks 4th worldwide for industry-university collaboration in R&D.
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