UoG supports landmark paper as key driver of economic growth in the region

In a blueprint for universities published 5 September by Universities UK, experts from within and outside the higher education sector have outlined how universities generate billions for the UK economy by supporting business, training the future workforce, and leading the way in world-class research and development.

The paper finds that every pound of public money put into universities across the UK generates £14 of economic impact, and UK higher education and research makes a total net contribution of £265 billion to the economy.

Moreover, the public purse makes a profit on each graduate of, on average, £75,000 – this is even after the costs of subsidising their studies are taken into account because of higher tax and national insurance contributions.

Following the report, University of Gloucestershire – founded nearly 150 years ago as a teaching college – is reaffirming its commitment to support economic growth in its longstanding role as a key driver of jobs, investment and prosperity in the region.

The University employs around 1,000 staff at its locations in Cheltenham and Gloucester and maintains a well-developed local supply chain that supports jobs with hundreds of other businesses.

A founder member of the Gloucestershire Growth Hub network, the University provides an extensive range of services that enable businesses to gain skills and expertise, benefit from access to academic experts and student talent, and improve their performance.

Since the Growth Hub Gloucester was launched at the University’s Oxstalls Campus in 2014, its team of business professionals has welcomed more than 30,000 people through the doors and propelled thousands of local businesses towards their growth aspirations – resulting in an economic boost estimated at £21.5 million, set to increase to £48.4 million by 2025.

The University’s Start and Grow Enterprise Project – delivered at Growth Hub Gloucester and part-funded by the European Regional Development Fund – is predicted to boost the county’s economy by an estimated £7.1 million by 2025.

The University’s continued investment in modern teaching, learning and research facilities will bring further benefits to the region, with its new City campus in Gloucester expected to add £111.6 million GVA and 1,625 jobs in Gloucestershire when fully operational.

The University’s degree and apprenticeship programmes provide a stream of skilled graduates to enable local organisations to develop and grow. A longstanding partnership with NHS Gloucestershire continues to deliver multiple health and social care programmes, such as the Nursing Associate Apprentice programme.

In addition, the University supports a vibrant, stimulating and creative arts environment in and around Cheltenham and Gloucester, which helps to make the region a positive place in which to live and work, and attracts business investment.

Dame Clare Marchant, Vice-Chancellor of the University, said: “Driving economic growth is at the heart of everything we do – be that by developing career-ready graduates, training apprentices for the region’s employers, or through successful and groundbreaking collaborations with business.

“As a founder member and the home to Growth Hub Gloucester, we’re proud to support the Gloucestershire Growth Hub network in helping thousands of businesses in the region realise their potential, maximise growth and create new jobs.

“Our continued commitment to ensuring prosperity can be seen across the communities where we are based. In Cheltenham we are transforming Park campus to create a vibrant creative campus, with space for knowledge exchange with local businesses. In Gloucester, we are restoring an empty department store and creating brand new campus that will play an important role in the regeneration of the city centre.

“We are excited and proud to be playing our part in the growth of our county and region.”