GLASGOW University is worth more than £4.4 billion to the economy of the UK.

 

University of Glasgow

By Martin Hannan

Source: The National.

GLASGOW University is worth more than £4.4 billion to the economy of the UK, a new report has shown.

The independent report entitled World Changing Glasgow: Our Economic Impact report also found that the University’s influence was growing – its total contribution being up 14% on the previous three years.

The breakdown of the impact showed that research stood at £1.8bn, 42% of the total, and operating and capital expenditures equalled £1.2bn (27%). Teaching and learning accounted for £734 million (17%) and the remaining 14% (£631m) was associated with the University’s educational exports.

London Economics, which carried out independent analysis of data from 2018/19, also found that for every £1m it spends, Glasgow University generates a further £5.8m elsewhere in the UK economy.

Professor Sir Anton Muscatelli, principal and vice-chancellor of the University of Glasgow said: “This report is significant in demonstrating the broader economic contribution and value of the University of Glasgow’s research, teaching and collaborations with industry in the city, Scotland and the rest of the UK.

“Universities in and of themselves are drivers of economic development. This report illustrates we are not only providing the innovative solutions and excellent research needed to tackle the challenges facing society, but we’re also key facilitators of Scotland’s economic and social recovery, productivity and inclusive growth.”

Finance Secretary Kate Forbes said: “This report lays out in great detail the tremendous economic and cultural significance of the University of Glasgow, in Glasgow itself, in the West of Scotland, nationally and indeed internationally.

“For almost 600 years the University of Glasgow has been a beacon of research and learning and its role today, in education; and its positive economic impact are as important as they ever were in helping Glasgow flourish.”