New data reveals the economic impact delivered by Scotland’s 19 universities and higher education institutions at £17.1 billion and highlights that Scotland’s higher education sector offers a better economic return on public investment made in research and innovation than anywhere else in the UK, except London, with a benefit-to-cost ratio of nearly 11:1.
As the Scottish Government focuses on its priority of economic growth with a purpose and attracting external investment, Scotland’s universities are a major economic asset and partner in this agenda.
In a report commissioned from London Economics by Universities UK, the economic impact of the UK university sector’s teaching, research, and innovation activities was evaluated, with a detailed disaggregation by UK nation and region. The data focuses on the 2021-22 academic year.
The research finds:
Scotland’s higher education sector’s total teaching, research and innovation activities had an economic impact of £17.1 billion in Scotland, the third biggest of any nation and region in the UK, only after London and the Southeast.
Focusing in on the economic impact generated from their research and innovation only, Scotland’s universities generate an impact of £8.7 billion, second highest, to London, in the UK. This accounts for 14% of the UK’s £62.84 billion of economic impact from this form of university activity, meaning that the Scottish higher education sector punches far above its weight.
London Economics found a benefit-to-cost ratio of 10.8 to 1 when it comes to investment in university research and innovation in Scotland. This means for every pound invested into Scotland’s universities, almost £11 is returned to the economy and is the highest of any UK nation. The benefit-to-cost figure for institutions in England is 9.9.
Read the full report here ⬇
https://lnkd.in/e3_2uVz8