|Practice area:||Economics of Education | Education and Labour Markets | Higher education|
|Client:||University of Oxford|
|Published:||5 October, 2021|
|Keywords:||impact assessment quantitative analysis 2021|
London Economics were commissioned to analyse the economic impact of the University of Oxford on the UK economy, focusing on the 2018-19 academic year. The analysis identified that:
- The total economic impact on the UK economy associated with the University of Oxford’s activities in 2018-19 was estimated at approximately £15.7 billion. In terms of the components of this impact,
- the value of the University’s research and knowledge exchange activities stood at £7.9 billion (50% of total) supporting more than 28,000 full time jobs
- the impact generated by the spending of the University and its colleges stood at £6.0 billion (38%)
- The impact of the University’s educational exports was estimated at £732 million (5%)
- the University’s teaching and learning activities accounted for £422 million (3%).
- The remaining 4% of economic impact (£611 million) was associated with the University’s contribution to tourism
Focusing on the impact of research and knowledge transfer activities (£7.9 billion), 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 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 the production sector (£790 million, 23%), professional and support activities (£782 million, 23%), government, health, and education sector (£567 million, 17%), and the distribution, transport, hotel, and restaurant sector (£452 million, 13%)
The full report is available to download at the link above.