Kent leads the way as UK universities contribute to economic growth

The value of universities such as Kent to the economy of the UK in stimulating growth has again been highlighted in an annual national survey.

Analysis by the Higher Education Funding Council for England (HEFCE) of the eleventh annual Higher Education - Business and Community Interaction Survey, published on 23 July, shows that universities in the UK contributed £3.3 billion to the economy in 2010-11 through services to business, including commercialisation of new knowledge, delivery of professional training, consultancy and services.

This latest indicator of the value of higher education to the national economy follows the University's own research, published at the end of 2011, showing that it was now worth £0.6 billion to the South East economy.

Kent's research highlighted how much the region benefits from its impact. These activities include teaching, research, innovation and enterprise, hosting conferences and other events, and contracting local suppliers.

The analysis by HEFCE of the national survey shows that the total value of the services which UK universities provide to the economy and society increased by 7 per cent in 2010-11 over the previous year. Despite the current economic uncertainty, spending on university services by large business increased by 7 per cent, up from £587 million in 2009-10 to £629 million in 2010-11.

Carole Barron, Director of Innovation and Enterprise at the University, said: 'There is no doubt that universities are stimulating economic growth and contributing to public services and society.

'We've demonstrated here at the University of Kent that we are leading the way in having a major economic impact on the region. We are working with large businesses but also with smaller and medium-sized enterprises to encourage and stimulate growth throughout the South East.'

Contact: pressoffice@kent.ac.uk

Story published at 4:16pm 8 August 2012