Business

Queen's University 'contributes £1.9 billion a year to UK economy' says report

Queen's University contributes £1.9 billion a year to the UK economy, a new report has found
Queen's University contributes £1.9 billion a year to the UK economy, a new report has found Queen's University contributes £1.9 billion a year to the UK economy, a new report has found

QUEEN’S University in Belfast contributes £1.9 billion to the UK economy, an independent analysis by London Economics has revealed.

The research, which relates to the 2015-16 academic year, showed that the economic contribution represents an economic benefit to cost ratio of 6-1.

The report also found that Queen’s University employs 3,700 staff and supports a further 2,570 jobs across the UK.

In addition to assessing the direct, indirect and induced impact associated with the university’s physical and digital footprint, the London Economics estimates were generated of the economic benefit associated with the university’s teaching and learning activity, its research activities and the impact of educational exports generated by its overseas students.

The economic impact report highlighted that the public purse benefits by an average of £101,000 per each of the university’s 3,800 full-time undergraduate students, who graduate each year.

The report says every eight international Queen’s undergraduates create £1 million of economic impact (based on £129,000 spend per student throughout the during of their studies).

Every £1 million invested in research activity at Queen’s also generates an additional £3.9 million across the UK economy.

And it says Queen’s University’s teaching and learning generates more than £400 million in tax income for the Exchequer and £400 million in earnings for the university’s graduates.

Professor Ian Greer, president and vice-chancellor of Queen’s University Belfast, said: “As a global top 200 university, Queen’s University Belfast is a place that delivers both local and international impact.

"This report is a timely reminder of the increasing economic, social and cultural impact of universities."

He added: “Queen’s is an economic powerhouse of innovation and has a vital role to play in generating the knowledge and skills needed to fuel our economy.

“The report has highlighted that Queen’s contributes £1.9 billion to the UK economy, supports over 6,270 full-time jobs and is committed to working collaboratively.

"By working in partnership we can continue to maximise the unique and positive impact of the University, both locally and globally, to grow the economy.”