THE University of Oxford contributed more than £15 billion to the UK economy in a single financial year, according to a new report.
The report, by economic research consultancy London Economics, reveals the university contributed a total of £15.7 billion to the UK economy in 2018/19.
Analysis from the report shows the university’s ‘research and knowledge activities’ contributed £7.9 billion to the economy while the spending of the university and its colleges added £6 billion.
Research and knowledge activities supported more than 28,000 full-time jobs.
Educational exports added £732 million to the economy, with tourism and teaching activities making up £611 million and £422 million respectively.
Louise Richardson, vice-chancellor of the university, 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.”
Patrick Grant, pro-vice-chancellor for research at the university, added: “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.”
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