Lancaster University delivered nearly £2 billion to UK economy in one year

Lancaster University contributed nearly £2 billion to the UK economy from 2021 to 2022, according to an October report.

The report looks at the year 2021-2022, and outlines where Lancaster University’s economic impact came from and where in the UK it affected.

It found that for every £1 that was invested in Lancaster University’s research activities, £9.16 was generated for the UK economy.

The report was produced by London Economics and commissioned by Lancaster University.

It shares that 61 per cent of Lancaster University’s UK economic impact from 2021-2022 directly impacted the North West.

The highest percentage of impact throughout the UK came from the university’s “research and knowledge exchange activity,” which generated £726 million.

28 per cent of the university’s economic impact came from “teaching and learning activites,” which generated £551 million.

More money was generated from operating and capital expenditures, which made £352 million.

Meanwhile, the university’s educational exports via international students generated £352 million.

The report also shared that the university supported 8,805 jobs for the UK economy from 2021-2022, of which 6,085 were in the North West.

Speaking about the financial report, Lancaster University’s vice-chancellor Professor Andy Schofield said: “We are a global university, rooted in our local community , and this report evidences a significant benefit to the economy, both locally and nationally. We provide tangible jobs and new skills and attract investment for our region, whilst also making a significant contribution to national prosperity.”

Featured image via Lancaster University on YouTube