A report published today by Universities UK reveals the extent to which universities are boosting the economy, regional growth and jobs.
The report, The Economic Role of UK Universities, highlights how universities increase skills, support innovation and attract investment and talent.
The report, the sixth in the Funding Environment series, emphasises how higher education is a high-growth UK export industry in its own right. In 2011-12, universities generated over £73 billion of output and contributed over £39.9 billion to UK.
Key findings from the report include:
Dame Julia Goodfellow, Chair of UUK's submission to the 2015 spending review and Vice-Chancellor of the University of Kent, said: “Universities are a fundamental part of the UK economy and play a key role in ensuring that the UK remains globally competitive.
“The UK must ensure that the higher-level skills required in the labour market are met and our universities have an important role to play in meeting this demand, both through their more traditional model of three-year undergraduate university study, and by developing other routes to higher skills.
“Universities are a globally recognised source of innovation and research and, in turn, attract direct foreign investment. They generate knowledge and discovery that can boost both the private and the public sectors.”