The University contributes nearly £30 billion to the UK economy and supports more than 86,000 jobs across the UK.
A reportby London Economics has measured the University of Cambridge’s impact on the UK economy in 2020-21.
London Economics, one of Europe’s leading specialist economics and policy consultancies, was commissioned to assess the University’s economic impact through a range of activities. The total impact, estimated at £29.8 billion, includes:
- £23.1 billion – from the University’s research and knowledge exchange activities (including commercial companies spun out from, or closely associated with, the University and other commercial activity carried out at the University)
- £4.69 billion – from the impact generated by the spending of the University and its colleges
- £716 million – from the University’s educational exports
- £693 million – from the University’s teaching and learning activities
- £587 million – from the impact of tourism associated with the University
The report estimated that the University supports more than 86,000 jobs across the UK, including 52,000 in the East of England, and contributes over £13 billion in gross value added (GVA). For every £1 the University spends, it creates £11.70 of economic impact. For every £1 million of publicly funded research income the University receives, it generates £12.65 million in economic impact across the UK.
London Economics also carried out a comparison of the costs and benefits associated with almost 600 government regulatory impact assessments and found that very few government interventions bring higher economic benefits than investment in the University of Cambridge.
The recent University highlights include the spinout Nyobolt, which was spun-out from the Department of Chemistry by co-founders Prof Dame Clare Grey and Dr Sai Shivareddy in 2016 as an ultra-fast charging battery solution to tackle electric car drivers' range anxiety
Read the full University of Cambridge article
London School of Economics final report
Image credit: Alison Fair