The economic and social impact of Queen Mary University of London
More than a third of the identifiable regional-based impact generated by Queen Mary University of London (QMUL) occurred outside of the capital, a report by independent consultants reveals.
The consultants London Economics were commissioned by QMUL to analyse the economic and social impact associated with the university’s activities in the 2021-22 academic year.
The report identifies the direct, indirect and induced impacts of the university with the total impact of its activities on the UK economy estimated at £4.4bn.
Of the £2bn of identifiable regional-based impacts, approximately £1.3bn (66%) of the impact occurs in London. But the analysis indicates that every region of the UK benefits from the activities of QMUL with the economic impact of the university on the east of England and the south east estimated to be more than £125m in total, while the economic impact on the north west and west Midlands were £64m and £59m respectively.
The total economic impact associated with the activities of QMUL’s spinout companies in the 2021-22 academic year was estimated to be £69m across the UK economy.
The main points highlighted in the analysis include:
- The university’s research and knowledge exchange activities are valued at £1.44bn
- For every pound spent by the university, £7 was generated in economic benefit.
- the activities of QMUL’s spinout activities in 2021-22 was estimated at £16m in economic output
- University spinouts supported 585 FTE staff, and contributed £29m of gross value added.
As well as the economic impact, the report highlights the impact of the university through case studies giving examples of the nature of the societal benefits it generates.
This report is the fifth analysis of economic impact compiled by London Economics for a Science and Engineering South member in the past three years, following Cambridge, Oxford, UCL and Southampton.
Professor Colin Bailey, Queen Mary’s President and Principal, said: “This report demonstrates Queen Mary’s importance to economic prosperity across the country and in London, and shows our leading strengths in both research and education.
“Universities like ours deliver tremendous financial benefits while also providing opportunities for students of all backgrounds, and ensuring anyone with the ability to succeed can do so. We can achieve this because we are embedded within the local and global communities we serve, work closely with businesses of all sizes, and are at the forefront of innovation when it comes to teaching and research.”
You can read QMUL’s press release on the university website.