Higher education sector ''valuable to UK economy''
Date posted: 06 Nov 2009
The UK''s higher education sector offers large financial benefits to the country''s economy, research suggests.
Figures published by Universities UK show that universities provided more than £59 billion to the economy in the 2007/08 period.
The research, conducted on behalf of the organisation by Strathclyde University, also shows that higher education institutions saw their total revenues reach £23.4 billion in the same period.
The UK''s higher education sector offers large financial benefits to the country''s economy, research suggests.
Figures published by Universities UK show that universities provided more than £59 billion to the economy in the 2007/08 period.
The research, conducted on behalf of the organisation by Strathclyde University, also shows that higher education institutions saw their total revenues reach £23.4 billion in the same period.
Commenting on the research, Universities UK president Professor Steve Smith said he believes that universities are proving an economic success story.
He added: "Universities have increased their impact by over £15 billion since 2004, generate about 2.3 per cent of UK GDP, and employ one per cent of the UK workforce.
"Across a range of activities, universities, through their dedicated staff, are doing more than ever to support the wider economy."
The government recently outlined a number of new measures to help in the future development of the country''s higher education sector.
Ministers hope to increase competition between universities, while making the system more accessible for adults hoping to undertake degrees.
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