| Practice area: | Education and Labour Markets |
|---|---|
| Client: | Queen’s University Belfast |
| Published: | 14 December, 2022 |
| Keywords: | 2022 economics of education further education higher education Labour Market Economics Public Policy |
London Economics were commissioned by Queen’s University Belfast to analyse the economic and social impact associated with the University’s activities in the 2020-21 academic year. Rather than just considering the traditional direct, indirect and induced impacts associated with Queen’s University Belfast’s physical footprint, this analysis also incorporates the economic impact associated with Queen’s University Belfast’s teaching and learning activities, research and knowledge exchange activities, as well as the contribution of Queen’s University Belfast’s international students to the UK economy.
The analysis identified that the total economic impact on the UK economy associated with Queen’s University Belfast’s activities in 2020-21 was estimated at approximately £3,041 million. Compared to Queen’s University Belfast’s total operational costs of approximately £373 million in 2020-21, this corresponds to a benefit to cost ratio of 8.2:1.
In terms of the components of this impact:
- Queen’s University Belfast’s research and knowledge exchange activities accounted for £1,186 million (39%) of this impact;
- The value of Queen’s University Belfast’s teaching and learning activities stood at £1,068 million (35%);
- The contribution of Queen’s University Belfast’s to educational exports resulting from attracting international students to Belfast was estimated at £305 million (10%); and
- The impact generated by the operating and capital spending of Queen’s University Belfast stood at £482 million (16%). Just over two-thirds of this impact (£323 million, 67%) occurred in Northern Ireland, while the remainder (£159 million, 33%) occurred across the rest of the UK
The Full Report is available here