Universities UK has published a short and concise seven page report which has made headlines across the media and HE sector. The Economic Impact of International Students presents 2014-15 figures on the economic contribution by international students studying in the UK, and has revealed the immense impact they have regionally and on local businesses.
It was launched to signal Government to recognise the ‘fundamental importance of EU and non-EU international students’ as it sets out the future vision of the UK through both the Brexit negotiations as well as the Industrial Strategy.
International students make up 19% of the UK student population, and as such, generate some ‘£25.8 billion in gross output for the UK economy’, the report reveals. Additionally, their spending supports over 200,000 full-time jobs nationally, but also are ‘responsible for £10.8 billion of UK export earnings.’
In the South West region, universities attracted over 25,000 overseas students in 2014-15. Overall, the report continued, ‘international student spending on and off campus was responsible for £612 million’ and also supported just under 3,000 full-time equivalent jobs in the region.