| Practice area: | Education and Labour Markets |
|---|---|
| Client: | Queen Mary University |
| Published: | 31 October, 2023 |
| Keywords: | higher education quantitative analysis 2023 Education economics Public Policy |
London Economics were commissioned to estimate the economic and social impact of Queen Mary. The key findings were as follows:
The total economic impact on the UK economy associated with Queen Mary’s activities in the 2021-22 academic year was estimated at approximately £4,401 million.
In terms of the components of this impact,
- the value of the University’s research and knowledge exchange activities stood at £1,438 million (33% of total);
- the impact of the University’s teaching and learning activities accounted for £1,253 million (28%);
- the impact associated with the University’s international students stood at £1,099 million (25%); and
- the impact generated by the operating and capital expenditures of the University accounted for £610 million (14%).
In terms of the sources of core economic impact, unlike many other higher education institutions that have undertaken comparable analyses, there is a particularly even balance across the four major strands of activity at Queen Mary.
In terms of the number of FTE jobs supported, the results indicate that the total impact generated by the Queen Mary’s activities supported a total of 13,865 FTE jobs across the UK economy in the 2021-22 academic year, of which 7,930 were located in London and the remaining 5,935 were located outside of London.
Compared to the University’s total operational costs of approximately £631 million in the 2021-22 academic year, the total impact of Queen Mary’s activities on the UK economy was estimated at £4,401 million, which corresponds to a benefit to cost ratio of approximately 7.0:1.
The full report is available here.