Valuable and invaluable contributions
£1 million to the UK economy
Universities UK has conducted extensive research into the impact of universities on the economy, based on data derived from the Office of National Statistics’ input-output tables (2006) together with data from its Blue Book (2008).
This research showed that for every £1 million of university output an additional £1.38 million of output was generated in other sectors of the economy (multiplier effect).
At Oxford Brookes we spent £151 million on running the university in 2008/09 plus a further £20 million capital investment in our future. Based on the Universities UK research, our overall impact on the economy was £382 million. Every single day of the year, Oxford Brookes is contributing well over £1 million to the UK economy, seven days a week, 365 days a year.
Future years
Oxford Brookes’ expenditure over the next three years will be subject to a number of variables. Income will be influenced by public funding constraints, the general economic conditions, and small growth in student numbers. Therefore operating expenditure is unlikely to grow significantly. On the other hand, capital projects are already planned, and if approved, the major capital project that is the new Library and Teaching Building will see a significant increase in overall capital expenditure. At times during the next four years this will exceed £50 million per annum.
If the current multiplier effect remains relatively stable, the total calculated economic impact from Oxford Brookes is likely to rise above the 2008/09 level during each of the next four years.
As this report shows, our contributions are wide-ranging and multi-faceted. Some are very easy to quantify – for example our financial contribution of more than £1 million a day to the UK economy. But our wider role is just as valuable. From mentoring GCSE students at the new Oxford Academy to operating the BrookesBus and cutting car use, we work hard to make sure that all our activities contribute to the community.
We see this report as an important step in helping to define the relationship between Oxford Brookes and our partners, our neighbours and our community.
This is the start of a process and we are very keen to begin a conversation with anyone who can help make our role in the community more effective.
