29 Sep 2017
Higher education contributes significant value to the UK economy. A 2013 report produced for the Department of Business, Innovation and Skills showed that education exports were £17.5bn per year. Universities UK calculated that in 2011-12 the HE sector generated over £73bn of output – nearly 3% of total UK GDP – and accounted for nearly 3% of all UK employment.
In March 2017, Universities UK published analysis showing that on-and off-campus spending by international students and their visitors generated a knock-on impact of £25.8 billion in gross output in the UK. The spending of international students is additional to that of UK residents so provides an export boost to the UK. In 2014–15 they were responsible for £10.8 billion of UK export earnings.
MillionPlus believes that the Budget Statement should be used to build on the strengths of the UK’s higher education system, but also to mitigate against any risks that may occur during the process of exiting the European Union.